High-beta growth stocks historically move more than the overall stock market in both directions.

With U.S. stocks entering a bull market and most on the Street underestimating the outlook of the American economy, this looks like a good time for risk-tolerant investors to buy high-beta growth stocks.

Many on the Street have gotten so fixated on watching the Fed that they’ve forgotten that there are many more variables affecting stocks and the economy than interest rates.

Specifically, consumer spending is the real “straw that stirs the drink” of the American economy, while the job market is the key determinant of consumer spending. The overall job market remains rock-solid and is likely to remain that way for some time.

With that in mind, here are three excellent high-beta growth stocks to buy now.

Wynn Resorts (WYNN)

Wynn Resorts (NYSE:WYNN) owns which owns two large casinos/resorts in Macau, leaving it well-positioned to benefit from the region’s huge rebound.

And  showing the tremendous strength of that recovery, the Chinese region’s gross gaming revenue (GGR) soared a huge 247% year-over-year last month to $1.58 billion, it reported on April 3. For all of Q1,  Macau’s GGR jumped 95% year-over-year. Moody’s predicts that Macau’s ” mass-segment GGR will return to about 75% of its 2019 level in 2023 and fully recover in 2024,”

Wynn also has two casinos/resorts in Las Vegas, which, as Jim Chanos showed, is booming these days as sports betting thrives, conventions return, and the pent-up demand for travel brings many people to the city.

No wonder that, in the fourth quarter of last year, Wynn’s Vegas properties set a Q4 adjusted EBITDAR record.

WYNN stock has a high beta of 1.54.

Monolithic Power (MPWR)

Monolithic Power (NASDAQ:MPWR) gets only a small amount of its revenue from companies that specialize in consumer products.

Of course, the consumer-electronics sector is slumping after consumers ordered a huge amount of electronics products during the pandemic and shifted to spending on “experiences” after the pandemic was over.  Last quarter, for example, MPWR’s consumer unit generated only 11.5% of its top line.

The company’s overall revenue climbed 36.7% year-over-year in Q4, while its operating income jumped to $137 million from $78.6 million in Q4 of 2021.

Following the company’s Q4 results, several banks raised their price targets on MPWR stock and kept a “buy” or “outperform” rating on the name. Needham increased its price target to $525 from $450, Truist Financial raised its target to $608 from $533, and Credit Suisse hiked its target to $580 from $475.

And, showing confidence in its outlook, MPWR raised its dividend by 33% to $1 per share.

MPWR has a very high beta of 1.65.

Maxeon (MAXN)

Solar module maker Maxeon (NASDAQ:MAXN) is benefiting from the growth of solar energy and the large increases in demand for rooftop solar in the U.S. and Europe in particular amid rapidly rising electricity prices. Maxeon sells solar panels to SunPower (NASDAQ:SPWR), the company that spun it off in 2020. SunPower specializes in selling panels that are installed on consumers’ homes in the U.S. and Europe.

In the fourth quarter of 2021, Maxon’s revenue jumped 46% year-over-year to $323.5 million. For the first quarter of this year, the midpoint of the company’s revenue guidance range came in at $325 million, well above analysts’ average estimate at the time of $309.5 million.

Moreover, Maxeon expects to report positive EBITDA, excluding certain items, for the first time during the current quarter.

In the wake of Maxeon’s Q4 results, investment bank Raymond James upgraded the shares to “outperform” from “market perform,” citing the positive impact of the company’s decision to make panels in the U.S. and the attractive valuation of the shares.

The shares are trading at a low, trailing price-sales ratio of one,  but they have a high beta of 1.6.

As of the date of publication, Larry Ramer owned shares of MAXN.  The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.