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CNBC’s Jim Cramer on Tuesday gave investors a list of stocks that he believes will perform well next year.
Here is his list.
Stocks rose on Tuesday, and the Dow Jones Industrial Average ended a four-day streak of losses. The major indexes are still set to end the week and month down, however, with the Dow down 5.03% month to date and the S&P 500 and Nasdaq Composite down 6.34% and 8.03%, respectively.
Investor fears that the Federal Reserve’s interest rate hikes will tip the economy into a recession helped fuel the market’s recent downturn. The central bank earlier this month raised interest rates by 50 basis points and projected raising rates to as high as 5.1%.
But Cramer said many of Wall Street’s concerns are overblown. “I see so many segments of the market that could be potential winners in 2023, it’s hard to take these supposedly sophisticated doomsayers seriously,” he said.
Despite his enthusiasm for health care, off-price retail and machinery stocks, there’s one industry that Cramer plans to stay away from.
“I’m not hopping on the tech bandwagon. I’ve said over and over again that whether the Fed undershoots or overshoots, tech’s likely to be hurt the worst,” he said.
Disclaimer: Cramer’s Charitable Trust owns shares of Eli Lilly, Humana, Johnson & Johnson, TJX Companies and Morgan Stanley.
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