The stock market came into the new week with some ongoing concerns about the future, but at least among growth investors, the mood wasn't as bad as it was last week. As of 2 p.m. ET on Monday, the Nasdaq Composite (^IXIC -0.52%) managed to eliminate all of its losses and poke just barely into positive territory on the day. That was considerably better than the rest of the stock market, which was broadly lower on Monday.

Despite the day's resilience, many Nasdaq stocks have taken big hits so far in 2022, with even some of the biggest companies in the market seeing declines of 50% or more. However, a couple of Nasdaq stalwarts have managed to defy naysayers and have lost very little ground from their recent highs. Below, we'll look more closely to see why Amgen (AMGN -0.50%) and PepsiCo (PEP 1.65%) have become favorite stocks among those searching for more-stable investments in a turbulent market environment.

Amgen holds up

Shares of Amgen are down just 2% from their best levels in 2022. The stock has actually risen 11% so far this year, defying the Nasdaq's overall decline.

Amgen is already a giant in the biotech industry. Blockbuster drugs like rheumatoid arthritis treatment Enbrel and osteoporosis-fighting Prolia have generated substantial revenue for Amgen, and the 2019 acquisition of psoriasis treatment Otezla from Celgene added another big sales generator for the company.

At the same time, Amgen has a promising pipeline of treatments in development. One particularly interesting treatment is sotorasib, marketed under the similar names Lumykras and Lumakras, which has gained approval in Europe and Japan for treating non-small cell lung cancer patients. In addition, Amgen is working on biosimilar versions of successful treatments from rival pharmaceutical companies, which could further boost sales.

Healthcare has traditionally been a defensive area, and while many biotech stocks are speculative, Amgen already has the track record to give investors confidence in its future. That's why the biotech has been able to hold up so well even in a tough 2022, and the stock has plenty of potential to keep climbing well into the future.

Two people drinking carbonated beverages from glasses.

Image source: Getty Images.

PepsiCo stays fizzy

Shares of PepsiCo haven't done quite as well as Amgen this year, posting a small loss. Nevertheless, the stock is down just about 2% from its recent highs as investors have come to appreciate the reliability of the snack and beverage giant's earnings.

PepsiCo has an impressive portfolio of products that include the Frito-Lay line of chips and other snack foods as well as its namesake carbonated beverage line. The company hasn't been immune to the impact of inflation, both from the ingredients that go into its products and from the higher wages that employees are demanding in a tough job market for employers.

Dividend investors also have a lot to like about PepsiCo. The stock's 2.5% dividend yield is well above the market average, and PepsiCo has a track record of annual payout increases that stretches back for decades. That dividend income has been able to serve as a buffer for past declines in the stock price.

PepsiCo might not have the huge growth prospects that many investors in Nasdaq stocks expect to see. However, it also has stability in demand that should serve it well, and that's a trait that defensive investors find increasingly attractive.