CNBC’s Jim Cramer on Tuesday provided investors with a list of stocks he believes will perform well in the coming year.
Here is his list.
Stocks rose on Tuesday, and the Dow Jones Industrial Average ended a four-day losing streak. Still, the major indexes are still set to end the week and month lower, with the Dow down 5.03% month-to-date and the S&P 500 and Nasdaq Composite down 6.34% and 8, respectively. 03%.
Investors’ concern that a rate hike by the Federal Reserve will push the economy into a recession has contributed to the recent market downturn. central bank in the first day of this month raised rates by 50 basis points and is expected to raise rates up to 5.1%.
But Cramer said many of Wall Street’s concerns were overblown. “I see so many market segments that could become potential winners by 2023, it’s hard to take these supposedly sophisticated oracles seriously,” he said.
Despite his enthusiasm for healthcare, discount retail, and machinery stocks, there’s one industry Cramer plans to steer clear of.
“I don’t jump into the tech group,” he said. I’ve said over and over that whether the Fed overshoots or overshoots, technology is likely to be hit the hardest.”
Disclaimer: Cramer’s Charitable Trust owns shares of Eli Lilly, Humana, Johnson & Johnson, TJX Companies and Morgan Stanley.