After a brutal sell-off on Thursday, and possibly more selling on the horizon, investors are starting to get a little nervous that the long-running Wall Street party may be over. The fact of the matter is this could very well be the pause that refreshes. Many of the equity strategists that we follow have said a late summer or early fall sell-off could be in the cards.

A new research report from UBS adds a financial stock to their equity focus list for August. We also screened the list for some of the top defensive dividend stocks from various sectors that are recommended. With interest rates still at historic lows, the stock market is ultimately the only destination for investor capital, and dividend-paying stocks make good sense in volatile markets.

The nervous stock market really gives investors a chance to get a price break on some of the top dividend-paying stocks. Despite some recent hawkish interest rate chatter, rates are not going anywhere soon, and dividend stocks will still provide much better total returns.

Invesco Ltd. (NYSE: IVZ) is a new stock on the UBS equity focus list. The financial services company has strong positions in both equity exchange traded funds (ETFs) and actively managed equity funds, and it is well-positioned to capitalize on inflows into both segments as well as higher asset prices. Investors are paid a 2.7% dividend. The UBS price target is $41. The Thomson/First Call consensus target is $42.61. The shares closed Thursday at $37.63.

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Boeing Co. (NYSE: BA) shares were up more than 80% last year, but they have struggled since hitting a yearly high back in January. With solid orders for the 737, 777-9X and 787-9 models at the recent Paris air-show, and a continued eight-year backlog of orders from emerging market and legacy carriers, Boeing could be poised for a strong second half of the year. Investors are paid a 2.42% dividend. The UBS price target is $127, and the consensus target is much higher at $154.14. The stock closed Thursday at $120.48.

Coca-Cola Co. (NYSE: KO) is one of the most recognizable brands in the world, and its biggest shareholder is Warren Buffett. The company a raised its dividend by 9% this year, its 52nd annual dividend increase. While sales growth has been sluggish recently, UBS believes the company is taking the right strategic action to reinvigorate revenue growth. Investors are paid a solid 2.9% dividend. The UBS price target is $43, and the consensus target is $45.21. Coke closed Thursday at $39.29

Colgate-Palmolive Co. (NYSE: CL) is a top consumer staples stock on the UBS equity focus list. Colgate sells its products in more than 200 countries and makes over 75% of its revenue outside the United States, which provides geographic diversification and growth opportunities in emerging markets for the company. This diversity matched with a huge list of consumer products keeps revenues and dividends growing. Investors are paid a 2.1% dividend. The UBS price target is $77, and consensus target is $70.15. Colgate ended Thursday at $63.40.

Merck & Co. Inc. (NYSE: MRK) has enjoyed an outstanding year for investors, up 18%. It remains a solid health care name on the UBS equity focus list. Next year, earnings per share are expected to jump 4.55%. For the next five years, earnings per share for Merck are expected to be at almost 4%, a huge jump over recent years’ performance. The pharmaceutical giant pays shareholders a very solid 3% dividend. UBS has a $64 price target, and the consensus target is set at $61.83. Merck closed Thursday at $56.74 a share.

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Microsoft Corp. (NASDAQ: MSFT) is a top technology stock rated Outperform at UBS that offers investors solid growth and income. While posting strong earnings for the second quarter recently, Microsoft also announced huge layoffs of up to 17,000 employees as a result of the Nokia handset purchase. The company continues to evolve away from its core Office suite of products and is focused on multiple areas of growth. Investors are paid a respectable 2.7 % dividend. The UBS price target is $50, and the consensus target is $46.91. Microsoft closed Thursday at $43.16.

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