Drugs, drinks and horses
Health care stocks, consumer staples companies and Churchill Downs are all trading at record highs
The market is off to a pretty solid start this year…the Dow’s paltry 1.5% gain notwithstanding. But for those who like to look at more than just 30 stocks, the S&P 500 is up more than 7% in 2023 while the tech-laden Nasdaq has soared nearly 16%.
With that in mind, I figured it would be fun to look at who some of the market leaders are, namely which stocks are at all-time highs. Interestingly, the record high list isn’t led by hot tech stocks or other momentum names. In fact, some more stodgy (dare I say defensive) companies are trading at peak prices.
Big Pharma leaders Eli Lilly and Merck hit record highs today. So did medical devices giant Boston Scientific. Healthcare stocks tend to hold up better in soft economic times and also offer the safety and security of solid dividends.
Consumer products companies, particularly food and drink stocks, also often do well even if there are economic jitters. With that in mind, it’s worth noting that both Pepsi and energy drink giant Monster Beverage are at all-time highs.
Want fries with that? Frozen potato leader Lamb Weston also hit a record high today. Ditto for fast food chain Wingstop. (I should buy what I know and invest since my younger son keeps begging for us to bring him home some chicken for dinner after baseball practice.)
And for those of you who think that investing in stocks is no different than gambling, well how’s this for irony? Casino and racetrack owner Churchill Downs…home to Saturday’s Kentucky Derby…hit a new all-time high today too. I have no idea who will win the Run for the Roses. But I’ll probably have a mint julep (or two) while watching the race. (Going to Louisville for Derby Day remains on my sports bucket list.)