The Dow was down about 80 points in afternoon trading Monday, but is still up 14 percent this month — putting it on track for its best monthly gain since January 1976.
However, blue chips remain down nearly 10% this year. Meanwhile, the S&P 500, which fell about 0.6% on Monday, is down nearly 20% in 2022. The tech-heavy Nasdaq, which was almost 1% lower on Monday, has plunged 30% this year.
However, it’s fitting that on Halloween, Hershey ( HSE ) trades at an all-time high and is up 25% this year. But overall, there haven’t been too many sweet kisses for investors this year: Despite the wild rally so far in October, there are far more losers than winners on Wall Street in 2022.
Big tech, industrials, and consumer discretionary stocks have been hit hard in 2022. Intel (INTC), Nike (NKE), Salesforce (CRM), Microsoft (MSFT), 3M (MMM), Boeing (BA), Disney ( DIS ), Walgreens ( WBA ), Home Depot ( HD ), Cisco ( CSCO ), and Verizon ( VZ ) are all down more than 25% in 2022. That’s nearly half of the Dow’s stocks.
Tech is also crushing the S&P 500. Facebook owner Meta Platforms is down more than 70% this year and is now trading at its lowest level since January 2016. PayPal ( PYPL ), chip giant Nvidia ( NVDA ) and Netflix ( NFLX) have lost more than half their value as well.
But there are other winners besides Hershey. Oil stocks and healthcare companies lead the market, with Chevron ( CVX ), Merck ( MRK ) and Amgen ( AMGN ) topping the list of Dow leaders.
Chevron is even trading near an all-time high. So does rival (and former Dow constituent) Exxon Mobil (XOM). Big Pharma leader Eli Lilly ( LLY ) and health insurers Cigna ( CI ) and Humana ( HUM ) are also at record highs.
It’s not just energy and healthcare stocks that have been making solid gains this year. Several consumer staples—companies that sell food and beverages—are also thriving. McDonald’s ( MCD ), Pepsi ( PEP ), and cereal makers General Mills ( GIS ) and Post ( POST ) have recently hit record highs.
Also in the all-time top club: defense contractors Lockheed Martin ( LMT ) and Northrop Grumman ( NOC ), insurers Metlife ( MET ) and Progressive ( PGR ), auto parts retailers Autozone ( AZO ) and O’Reilly Automotive ( ORLY ), and wireless giant T-Mobile (TMUS).
There’s a saying on Wall Street that there’s always a bull market somewhere. This list of well-known, name-brand stocks trading at record highs is further proof of that point.
However, the broader market has arguably struggled this year due to inflation concerns and the fact that the Federal Reserve has raised interest rates significantly to try to beat the scourge of rising prices.
There are growing concerns that the Fed was too late to start fighting inflation and now risks tipping the economy into recession next year as it appears to be playing catch-up with a series of aggressive rate hikes.