From tech to financials, here are dozens of inflation-sensitive stocks that crush it when prices are rising, from Credit Suisse.

By Barbara Kollmeyer

China’s interest-rate cuts and some easing of the bond selloff seem to have cheered up investors — at least for now — who have been hitting the sell button over Federal Reserve rate-hike fears.

A day after Chinese President Xi Jinping  warned of fallout from Fed tightening , the country’s central bank has cut benchmark lending rates for a second month (Alibaba shares /zigman2/quotes/201948298/composite BABA +1.53% are flying ). Stocks are up following another Wall Street selloff that saw the Nasdaq’s /zigman2/quotes/210598365/realtime COMP +1.07% descend into correction territory .

How much inflation fear is merited for equity investors? Keep it in check, says our call of the day from Credit Suisse strategists, who note that since the COVID-19 pandemic’s onset, “the most inflation-sensitive stocks have substantially outperformed,” and often traded at a big discount.

Jonathan Golub, chief U.S. equity strategist, and Patrick Palfrey, senior equity strategist, told clients that they expect inflation will move higher and stay there longer, due to several factors, including a strong economy and higher commodity and home prices.

“Historically, earnings and stock prices have moved directionally with inflation. As the exhibit below shows, over the past 4½ months, stock prices have risen an average of 32 bps on days when inflation expectations rise, and fall -41 bps on down inflation expectation days,” said Golub in a note.

Golub and the team have come up with exhaustive lists of companies that are most sensitive to inflation. Here’s a rundown of tech names, including Apple /zigman2/quotes/202934861/composite AAPL +0.48% and Microsoft /zigman2/quotes/207732364/composite MSFT +0.85% — least sensitive — and Nvidia /zigman2/quotes/200467500/composite NVDA -1.11% , Western Digital /zigman2/quotes/204213617/composite WDC +3.26% and Micron Tech /zigman2/quotes/205710729/composite MU +0.12% — most sensitive.

Across other sectors, they highlight other highly inflation-sensitive stocks. For example, in energy, that includes Marathon Oil /zigman2/quotes/205031829/composite MRO +3.52% , Schlumberger /zigman2/quotes/201012972/composite SLB +3.98% and Hess /zigman2/quotes/203832174/composite HES +3.58% in the energy sector, with DuPont /zigman2/quotes/203606582/composite DD +7.31% , Dow /zigman2/quotes/203121064/composite DOW +5.33% , Eastman Chemical /zigman2/quotes/200039202/composite EMN +6.20% , Freeport-McMoRan /zigman2/quotes/200215692/composite FCX +4.85% and Mosaic /zigman2/quotes/203825795/composite MOS +4.32% in materials.

American Airlines /zigman2/quotes/209207041/composite AAL +1.16% , Caterpillar /zigman2/quotes/203434128/composite CAT +8.40% , Boeing /zigman2/quotes/208579720/composite BA +2.58% , Deere /zigman2/quotes/207941296/composite DE +5.25% and Parker-Hannifin /zigman2/quotes/202924304/composite PH +4.52% are among most inflation-sensitive stocks in the industrial sector, while Bath & Body Works /zigman2/quotes/202062875/composite BBWI +4.32% , Caesars Entertainment /zigman2/quotes/205281174/composite CZR +7.68% , Norwegian Cruise Lines /zigman2/quotes/204183397/composite NCLH +1.74% , Etsy /zigman2/quotes/202790087/composite ETSY +3.68% and General Motors /zigman2/quotes/205226835/composite GM +3.82% are notables among discretionaries.

For staples, Archer Daniels /zigman2/quotes/203479136/composite ADM +2.01% , Estée Lauder /zigman2/quotes/200740220/composite EL +2.95% , Procter & Gamble /zigman2/quotes/202894679/composite PG +1.78% and Monster Beverage /zigman2/quotes/205899417/composite MNST +0.20% are among the inflation-sensitive highlights, while Anthem , Cardinal Health /zigman2/quotes/206646342/composite CAH +1.40% , McKesson /zigman2/quotes/206975466/composite MCK +0.24% , Medtronic /zigman2/quotes/206816578/composite MDT +1.22% and ResMed /zigman2/quotes/204675483/composite RMD +0.89% pop up for healthcare. And in financials, Discover /zigman2/quotes/208747867/composite DFS +3.57% , Huntington Bancshares /zigman2/quotes/209314988/composite HBAN +4.11% , Prudential /zigman2/quotes/203750923/composite PRU +3.63% , Charles Schwab /zigman2/quotes/201281754/composite SCHW +3.17% and State Street /zigman2/quotes/209758976/composite STT +2.91% are top sensitive stocks.

Read: At least 7 signs show how the stock market is breaking down

The buzz

Weekly jobless claims came in higher than expected , while a Philadelphia Fed manufacturing survey rebounded to 23.2 in January . Still ahead are existing-home sales.

HSBC has cut its overweight rating on U.S. stocks, partly on rising rate expectations, saying China may be one place to hide.

Casper Sleep stock is up 11% after the mattress and sleep accessories group said shareholders have approved a buyout.

Travelers Cos . /zigman2/quotes/206313935/composite TRV +2.24% is surging on a profit beat, Signet Jewelers /zigman2/quotes/204614427/composite SIG +5.92% on higher guidance , and Baker Hughes /zigman2/quotes/205323712/composite BKR +3.39% is up modestly after results. American Airlines shares /zigman2/quotes/209207041/composite AAL +1.16% are up on a revenue beat and lower losses , while United Airlines /zigman2/quotes/205037281/composite UAL +2.30% is taking a hit from after a weaker capacity outlook for 2022 , while Alcoa stock /zigman2/quotes/200686102/composite AA +6.85% is rising after an earnings beat.

Netflix /zigman2/quotes/202353025/composite NFLX -0.66% will report results after the market close, but how important is that subscriber-growth number ?

Read: Here’s what’s coming to Netflix in February 2022 — along with a price hike

/zigman2/quotes/201948298/composite

Add to watchlist BABA

Alibaba Group Holding Ltd. ADR

US : U.S.: NYSE

$ 84.27

+1.27 +1.53%

Volume: 17.62M

June 2, 2023 4:00p

P/E Ratio

21.14

Dividend Yield

N/A

Market Cap

$222.95 billion

Rev. per Employee

$496,989

/zigman2/quotes/210598365/realtime

Add to watchlist COMP

NASDAQ Composite Index

US : Nasdaq

13,240.77

+139.78 +1.07%

Volume: 4.45B

June 2, 2023 5:16p

/zigman2/quotes/202934861/composite

Add to watchlist AAPL

Apple Inc.

US : U.S.: Nasdaq

$ 180.95

+0.86 +0.48%

Volume: 62.00M

June 2, 2023 4:00p

P/E Ratio

30.74

Dividend Yield

0.53%

Market Cap

$2846.11 billion

Rev. per Employee

$2.35M

/zigman2/quotes/207732364/composite

Add to watchlist MSFT

Microsoft Corp.

US : U.S.: Nasdaq

$ 335.40

+2.82 +0.85%

Volume: 25.87M

June 2, 2023 4:00p

P/E Ratio

36.36

Dividend Yield

0.81%

Market Cap

$2493.86 billion

Rev. per Employee

$939,326

/zigman2/quotes/200467500/composite

Add to watchlist NVDA

NVIDIA Corp.

US : U.S.: Nasdaq

$ 393.27

-4.43 -1.11%

Volume: 48.27M

June 2, 2023 4:00p

P/E Ratio

204.38

Dividend Yield

0.04%

Market Cap

$971.38 billion

Rev. per Employee

$987,861

/zigman2/quotes/204213617/composite

Add to watchlist WDC

Western Digital Corp.

US : U.S.: Nasdaq

$ 40.24

+1.27 +3.26%

Volume: 3.51M

June 2, 2023 4:00p

P/E Ratio

N/A

Dividend Yield

0.00%

Market Cap

$12.87 billion

Rev. per Employee

$218,062

/zigman2/quotes/205710729/composite

Add to watchlist MU

Micron Technology Inc.

US : U.S.: Nasdaq

$ 69.17

+0.08 +0.12%

Volume: 13.47M

June 2, 2023 4:00p

P/E Ratio

49.64

Dividend Yield

0.67%

Market Cap

$75.70 billion

Rev. per Employee

$480,479

/zigman2/quotes/205031829/composite

Add to watchlist MRO

Marathon Oil Corp.

US : U.S.: NYSE

$ 23.26

+0.79 +3.52%

Volume: 14.28M

June 2, 2023 4:00p

P/E Ratio

5.71

Dividend Yield

1.59%

Market Cap

$14.37 billion

Rev. per Employee

$4.68M

/zigman2/quotes/201012972/composite

Add to watchlist SLB

Schlumberger Ltd.

US : U.S.: NYSE

$ 46.77

+1.79 +3.98%

Volume: 11.28M

June 2, 2023 4:00p

P/E Ratio

17.43

Dividend Yield

2.14%

Market Cap

$66.66 billion

Rev. per Employee

$302,374

/zigman2/quotes/203832174/composite

Add to watchlist HES

Hess Corp.

US : U.S.: NYSE

$ 133.67

+4.62 +3.58%

Volume: 1.60M

June 2, 2023 4:00p

P/E Ratio

19.19

Dividend Yield

1.31%

Market Cap

$41.04 billion

Rev. per Employee

$7.68M

/zigman2/quotes/203606582/composite

Add to watchlist DD

DuPont de Nemours Inc.

US : U.S.: NYSE

$ 72.37

+4.93 +7.31%

Volume: 8.26M

June 2, 2023 4:01p

P/E Ratio

6.27

Dividend Yield

1.99%

Market Cap

$33.22 billion

Rev. per Employee

$554,826

/zigman2/quotes/203121064/composite

Add to watchlist DOW

Dow Inc.

US : U.S.: NYSE

$ 51.61

+2.61 +5.33%

Volume: 7.79M

June 2, 2023 4:00p

P/E Ratio

12.90

Dividend Yield

5.43%

Market Cap

$36.50 billion

Rev. per Employee

$1.42M

/zigman2/quotes/200039202/composite

Add to watchlist EMN

Eastman Chemical Co.

US : U.S.: NYSE

$ 82.57

+4.82 +6.20%

Volume: 1.75M

June 2, 2023 4:01p

P/E Ratio

14.71

Dividend Yield

3.83%

Market Cap

$9.84 billion

Rev. per Employee

$705,724

/zigman2/quotes/200215692/composite

Add to watchlist FCX

Freeport-McMoRan Inc.

US : U.S.: NYSE

$ 37.19

+1.72 +4.85%

Volume: 20.45M

June 2, 2023 4:02p

P/E Ratio

20.74

Dividend Yield

1.61%

Market Cap

$53.30 billion

Rev. per Employee

$863,008

/zigman2/quotes/203825795/composite

Add to watchlist MOS

Mosaic Co.

US : U.S.: NYSE

$ 33.08

+1.37 +4.32%

Volume: 4.54M

June 2, 2023 4:02p

P/E Ratio

4.09

Dividend Yield

2.42%

Market Cap

$10.99 billion

Rev. per Employee

$1.39M

/zigman2/quotes/209207041/composite

Add to watchlist AAL

American Airlines Group Inc.

US : U.S.: Nasdaq

$ 14.87

+0.17 +1.16%

Volume: 31.08M

June 2, 2023 4:00p

P/E Ratio

5.85

Dividend Yield

0.00%

Market Cap

$9.71 billion

Rev. per Employee

$402,945

/zigman2/quotes/203434128/composite

Add to watchlist CAT

Caterpillar Inc.

US : U.S.: NYSE

$ 226.63

+17.56 +8.40%

Volume: 8.36M

June 2, 2023 4:00p

P/E Ratio

16.75

Dividend Yield

2.12%

Market Cap

$116.80 billion

Rev. per Employee

$565,536

/zigman2/quotes/208579720/composite

Add to watchlist BA

Boeing Co.

US : U.S.: NYSE

$ 213.32

+5.36 +2.58%

Volume: 7.49M

June 2, 2023 4:00p

P/E Ratio

N/A

Dividend Yield

0.00%

Market Cap

$128.33 billion

Rev. per Employee

$452,160

/zigman2/quotes/207941296/composite

Add to watchlist DE

Deere & Co.

US : U.S.: NYSE

$ 371.07

+18.50 +5.25%

Volume: 2.86M

June 2, 2023 4:00p

P/E Ratio

12.45

Dividend Yield

1.35%

Market Cap

$108.79 billion

Rev. per Employee

$725,888

/zigman2/quotes/202924304/composite

Add to watchlist PH

Parker Hannifin Corp.

US : U.S.: NYSE

$ 340.73

+14.74 +4.52%

Volume: 847,861

June 2, 2023 4:00p

P/E Ratio

29.49

Dividend Yield

1.74%

Market Cap

$43.71 billion

Rev. per Employee

$329,589

/zigman2/quotes/202062875/composite

Add to watchlist BBWI

Bath & Body Works Inc.

US : U.S.: NYSE

$ 37.71

+1.56 +4.32%

Volume: 3.30M

June 2, 2023 4:02p

P/E Ratio

11.95

Dividend Yield

2.12%

Market Cap

$8.63 billion

Rev. per Employee

$131,241

/zigman2/quotes/205281174/composite

Add to watchlist CZR

Caesars Entertainment Inc.

US : U.S.: Nasdaq

$ 44.86

+3.20 +7.68%

Volume: 3.98M

June 2, 2023 4:00p

P/E Ratio

N/A

Dividend Yield

N/A

Market Cap

$9.65 billion

Rev. per Employee

$231,816

/zigman2/quotes/204183397/composite

Add to watchlist NCLH

Norwegian Cruise Line Holdings Ltd.

US : U.S.: NYSE

$ 15.78

+0.27 +1.74%

Volume: 15.62M

June 2, 2023 4:00p

P/E Ratio

N/A

Dividend Yield

N/A

Market Cap

$6.69 billion

Rev. per Employee

$157,937

/zigman2/quotes/202790087/composite

Add to watchlist ETSY

Etsy Inc.

US : U.S.: Nasdaq

$ 85.01

+3.02 +3.68%

Volume: 3.54M

June 2, 2023 4:00p

P/E Ratio

N/A

Dividend Yield

N/A

Market Cap

$10.49 billion

Rev. per Employee

$941,836

/zigman2/quotes/205226835/composite

Add to watchlist GM

General Motors Co.

US : U.S.: NYSE

$ 34.28

+1.26 +3.82%

Volume: 15.32M

June 2, 2023 4:00p

P/E Ratio

5.30

Dividend Yield

1.05%

Market Cap

$47.65 billion

Rev. per Employee

$962,521

/zigman2/quotes/203479136/composite

Add to watchlist ADM

Archer Daniels Midland Co.

US : U.S.: NYSE

$ 71.97

+1.42 +2.01%

Volume: 2.31M

June 2, 2023 4:00p

P/E Ratio

9.03

Dividend Yield

2.50%

Market Cap

$39.20 billion

Rev. per Employee

$2.44M

/zigman2/quotes/200740220/composite

Add to watchlist EL

Estee Lauder Cos. Cl A

US : U.S.: NYSE

$ 188.29

+5.40 +2.95%

Volume: 2.50M

June 2, 2023 4:00p

P/E Ratio

62.31

Dividend Yield

1.40%

Market Cap

$67.30 billion

Rev. per Employee

$250,730

/zigman2/quotes/202894679/composite

Add to watchlist PG

Procter & Gamble Co.

US : U.S.: NYSE

$ 146.52

+2.56 +1.78%

Volume: 6.12M

June 2, 2023 4:01p

P/E Ratio

25.52

Dividend Yield

2.57%

Market Cap

$345.34 billion

Rev. per Employee

$763,849

/zigman2/quotes/205899417/composite

Add to watchlist MNST

Monster Beverage Corp.

US : U.S.: Nasdaq

$ 59.48

+0.12 +0.20%

Volume: 4.24M

June 2, 2023 4:00p

P/E Ratio

48.83

Dividend Yield

N/A

Market Cap

$62.26 billion

Rev. per Employee

$1.23M

/zigman2/quotes/206646342/composite

Add to watchlist CAH

Cardinal Health Inc.

US : U.S.: NYSE

$ 84.59

+1.17 +1.40%

Volume: 2.45M

June 2, 2023 4:00p

P/E Ratio

48.51

Dividend Yield

2.34%

Market Cap

$21.54 billion

Rev. per Employee

$4.27M

/zigman2/quotes/206975466/composite

Add to watchlist MCK

McKesson Corp.

US : U.S.: NYSE

$ 390.16

+0.93 +0.24%

Volume: 745,378

June 2, 2023 4:01p

P/E Ratio

15.58

Dividend Yield

0.55%

Market Cap

$52.91 billion

Rev. per Employee

$5.43M

/zigman2/quotes/206816578/composite

Add to watchlist MDT

Medtronic PLC

US : U.S.: NYSE

$ 83.76

+1.01 +1.22%

Volume: 6.06M

June 2, 2023 4:00p

P/E Ratio

29.72

Dividend Yield

3.30%

Market Cap

$111.44 billion

Rev. per Employee

$328,705

/zigman2/quotes/204675483/composite

Add to watchlist RMD

ResMed Inc.

US : U.S.: NYSE

$ 220.64

+1.95 +0.89%

Volume: 489,072

June 2, 2023 4:00p

P/E Ratio

37.65

Dividend Yield

0.80%

Market Cap

$32.42 billion

Rev. per Employee

$492,117

/zigman2/quotes/208747867/composite

Add to watchlist DFS

Discover Financial Services

US : U.S.: NYSE

$ 109.09

+3.76 +3.57%

Volume: 2.12M

June 2, 2023 4:00p

P/E Ratio

7.35

Dividend Yield

2.57%

Market Cap

$27.70 billion

Rev. per Employee

$838,960

/zigman2/quotes/209314988/composite

Add to watchlist HBAN

Huntington Bancshares Inc.

US : U.S.: Nasdaq

$ 10.89

+0.43 +4.11%

Volume: 13.30M

June 2, 2023 4:00p

P/E Ratio

7.05

Dividend Yield

5.69%

Market Cap

$15.72 billion

Rev. per Employee

N/A

/zigman2/quotes/203750923/composite

Add to watchlist PRU

Prudential Financial Inc.

US : U.S.: NYSE

$ 83.04

+2.91 +3.63%

Volume: 2.58M

June 2, 2023 4:00p

P/E Ratio

965.58

Dividend Yield

6.02%

Market Cap

$30.31 billion

Rev. per Employee

$1.56M

/zigman2/quotes/201281754/composite

Add to watchlist SCHW

Charles Schwab Corp.

US : U.S.: NYSE

$ 54.37

+1.67 +3.17%

Volume: 12.28M

June 2, 2023 4:00p

P/E Ratio

14.83

Dividend Yield

1.84%

Market Cap

$98.96 billion

Rev. per Employee

$675,949

/zigman2/quotes/209758976/composite

Add to watchlist STT

State Street Corp.

US : U.S.: NYSE

$ 71.55

+2.02 +2.91%

Volume: 2.33M

June 2, 2023 4:01p

P/E Ratio

10.02

Dividend Yield

3.52%

Market Cap

$23.92 billion

Rev. per Employee

$332,449

/zigman2/quotes/206313935/composite

Add to watchlist TRV

Travelers Cos. Inc.

US : U.S.: NYSE

$ 175.13

+3.83 +2.24%

Volume: 1.68M

June 2, 2023 4:00p

P/E Ratio

14.90

Dividend Yield

2.28%

Market Cap

$40.45 billion

Rev. per Employee

$1.16M

/zigman2/quotes/204614427/composite

Add to watchlist SIG

Signet Jewelers Ltd.

US : U.S.: NYSE

$ 65.44

+3.66 +5.92%

Volume: 1.05M

June 2, 2023 4:00p

P/E Ratio

10.89

Dividend Yield

1.41%

Market Cap

$2.95 billion

Rev. per Employee

$264,400

/zigman2/quotes/205323712/composite

Add to watchlist BKR

Baker Hughes Co.

US : U.S.: Nasdaq

$ 29.58

+0.97 +3.39%

Volume: 6.11M

June 2, 2023 4:00p

P/E Ratio

N/A

Dividend Yield

2.57%

Market Cap

$29.95 billion

Rev. per Employee

$400,673

/zigman2/quotes/209207041/composite

Add to watchlist AAL

American Airlines Group Inc.

US : U.S.: Nasdaq

$ 14.87

+0.17 +1.16%

Volume: 31.08M

June 2, 2023 4:00p

P/E Ratio

5.85

Dividend Yield

0.00%

Market Cap

$9.71 billion

Rev. per Employee

$402,945

/zigman2/quotes/205037281/composite

Add to watchlist UAL

United Airlines Holdings Inc.

US : U.S.: Nasdaq

$ 48.50

+1.09 +2.30%

Volume: 7.86M

June 2, 2023 4:00p

P/E Ratio

8.34

Dividend Yield

N/A

Market Cap

$15.91 billion

Rev. per Employee

$526,056

/zigman2/quotes/200686102/composite

Add to watchlist AA

Alcoa Corp.

US : U.S.: NYSE

$ 34.94

+2.24 +6.85%

Volume: 8.05M

June 2, 2023 4:00p

P/E Ratio

N/A

Dividend Yield

1.14%

Market Cap

$6.23 billion

Rev. per Employee

$923,282

/zigman2/quotes/202353025/composite

Add to watchlist NFLX

Netflix Inc.

US : U.S.: Nasdaq

$ 400.47

-2.66 -0.66%

Volume: 5.90M

June 2, 2023 4:00p

P/E Ratio

43.00

Dividend Yield

N/A

Market Cap

$178.02 billion

Rev. per Employee

$2.49M