The U.S. stock market fell for three straight weeks, and even a steady jobs report on Friday failed to stem the afternoon slide before the weekend, and now Wall Street is in the middle of nowhere. weakest season. The summer rally is quickly disappearing, as investors struggle to find a reason for the market to turn around. “What I think we’ve seen over the last couple of weeks and were really propelled by Powell’s Jackson Hole speech last week, is the fact that the market is probably becoming overly optimistic or “And I think that idea has been wiped out of the market at this point,” said Jacob Jolly, senior investment strategist at BNY Mellon Investment Management. And the market’s August drop has now turned to September, which is the worst month for stocks since 1950, according to Stock Trader’s Almanac, despite some strong recent years. , the September average has seen stocks fall 0.5% since 1950. The downtrend and historical backdrop will have some investors hunting for defensive stocks until the coast clears. CNBC Pro screened stocks in the utilities, healthcare, and non-cyclical consumer sectors with high approval ratings from Wall Street, up at least 10% vs. With an average price target and a dividend yield of over 2%. Source: FactSet Utilities stocks are well represented on the list, with AES Corp. leads the pack with buy ratings from nearly 77% of analysts, according to FactSet. Shares have also gained about 6% this year. Because of their regulatory status, utilities tend to have relatively consistent returns in good times and bad, which can make them more attractive during economic downturns. Utilities stocks don’t usually have strong gains when the market recovers, but the Utilities Group is trading about 14% below its average price target. The stock also has a dividend yield of over 3.2%. In addition to utilities, pharmaceutical stock AbbVie also posted a slight year-to-date gain and paid a 4% dividend. The stock was named one of JPMorgan’s top ideas for September, specifically for investors considering a value strategy. Snack foods company Mondelez International is the second-most favorite stock on the list, with buy ratings from more than 70% of analysts. The Oreo cookie maker is taking a hit in terms of revenue for the second quarter, as it also raised its dividend. Stifel analyst Christopher Growe, who has a buy rating on the stock, wrote in a note to clients at the end of July. “The company is managing an inflationary environment well – prices are up 8% and volume is actually up, up 5%, and well above our estimates,” Growe adds. One stock on the list that has not been defended so far is Target. The retailer has struggled to manage its inventory as consumer spending has shifted to services and away from goods. However, after two tough quarters, Target’s earnings per share could soon recover, according to Citi analyst Paul Lejuez. “While TGT’s 1-H 22 EPS is down 65%, management is guiding for an 11% decline in H1 EPS. And in its H1 guidance, they assume a Q3 EPS drop of 30. %+ while Q4 is expected to grow by almost 10%. “Lejuez, who has a neutral rating on the stock, wrote in a note to clients on Aug. 23. Other analysts indicated are more bullish on Target than Lejeuz, with about 55% of them having a buy rating on the stock. Target is trading 16% below analysts’ average price target. – Michael Bloom of CNBC contributed to this report.