IF THE LONG-THREATENED recession ends up slamming the economy, the stock market likely will be brutalized. But like snowflakes, all stocks are not the same. Some show promise of gaining nicely in fraught times, as the rest of this year is shaping up to be, even if others suffer. On the surface, an argument can be made that 2022’s winners should be 2023’s, as well. Higher-thannormal inflation, persistent Federal Reserve–engineered interest rate hikes, a stubborn pandemic, and international tensions all combined to gut-punch every S&P 500 category last year except for two. Energy (up 64%) and utilities (2%) were the only sectors to show increases.
But expecting a reprise is far from assured. The propellants for energy
last year, war-induced oil and gas shortages, are waning, and a recession and a likely mild winter will push down demand for these commodities.
And, of course, some investors shun energy companies out of climatechange concerns. As
