While the current volatility in the stock market has clearly panicked some investors, others are quietly looking for great stocks to buy. This latter group of investors realize that periods of extreme market volatility can arise Profitable investment opportunities Which doesn’t come around often.

Are you looking for opportunities in today’s UK market? Here are three stocks that might be worth a closer look.

Big profits on offer

UK investors love big dividends, so let’s start with high-yielding stocks, Aviva (LSE: AV.). It is a well-established insurance and investment company.

Its share price recently fell to around 620p, down from 700p earlier in the year. At the current share price, the stock is trading at a forward-looking price-to-earnings (P/E) ratio of about 11 and offers a dividend yield of 6.4%.

This company has been performing well recently. Last year, for example, the group’s adjusted profits were £2.2bn, up from £1.8bn in 2024.

On the back of this performance, the insurance company raised its dividend by 10% (an indication that management is confident about the future). It also announced a share buyback worth £350 million.

It is worth noting that if the stock market continues to decline, Aviva’s wealth management revenues will be severely affected.

Taking a five-year view (our preferred time horizon here is… Motley Fool), I think Aviva shares should provide attractive returns.

Oversold name

Next we have Marks & Spencer (London Stock Exchange: MKS). I see this retail stock as an oversold name that could rebound.

It is currently trading near 340p. Back in late February, it was near 410p.

Now, when I talk about this stock being “oversold”, I’m not just saying it because the stock price has fallen. I’m actually referring to a technical indicator known as the Relative Strength Index (RSI).

This measures the magnitude of stock price movements. With this indicator, a reading below 30 indicates that the stock is oversold and the Marks & Spencer reading is currently 29.

I will point out that rising oil prices pose a risk to this company. It could lead to higher transportation and energy costs and may also impact consumer demand.

However, the one thing this company has going for it is that its customer base becomes a little wealthier. This could protect it from consumer slowdowns.

Cheap AI Stocks

My third stock is a little more racier. that it Folex (LSE: VLX), a UK-based manufacturer of power cords, cables and data communication products for “mission-critical” applications.

It is currently trading at around 428p. At this time last month, its share price was approaching 500p.

This company has momentum right now, thanks to its strategy of focusing on high-growth markets like data centers (AI) and electric vehicles. In January, it said revenue for the first nine months of its fiscal year rose 15% year-over-year, and that full-year revenue would exceed expectations.

Of course, manufacturing tends to be cyclical. Therefore, if we see an economic collapse as a result of rising oil prices, this stock may underperform.

Even though the P/E ratio is now below 15, I like the risk/reward setup. I think it’s worth further research.