Persistently high inflation and the Federal Reserve’s way of addressing it through consecutive aggressive interest rate hikes have led to recession fears and sell-offs in the equity market. The S&P 500 is down 22.5% year-to-date and 5.2% over the past month.
Despite the economic headwinds, renowned drug maker Johnson & Johnson (JNJ) managed to beat the top and bottom-line estimates in the last reported quarter. On top of it, CNBC’s Jim Cramer thinks the stock is a long-term play.
