There's no question about it: 2022 has been a wipeout for the stock market. With just a few days left in the calendar, 10 out of the 11 market sectors are down for the year, with energy being the lone exception.

Inflation and rising interest rates torched the stock market this year, reining in the zealousness of the pandemic era.

While 2023 is likely to bring some more uncertainty to the market, there are also a number of stocks down sharply this year that are well positioned for a comeback. Here are two of them.

1. Nike: Getting its groove back

Nike (NKE -0.36%) has long dominated the sportswear industry, becoming one of the most valuable apparel and footwear companies along the way.

However, 2022 threw several curveballs at the company, including supply chain challenges earlier in the year, COVID lockdowns in China, and bloated inventory levels more recently due to anticipation of supply chain delays that didn't materialize.

As a result, Nike stock is down 31% year to date, but the company's fiscal second-quarter earnings report, which it just announced, shows why the sneaker king is a good candidate for a turnaround next year.

In a challenging macroeconomic environment, Nike reported surging revenue growth, with sales up 17%, or 27% in constant currency, to $13.3 billion, well ahead of estimates at $12.6 billion. Bottom-line growth was weaker, as the company dealt with excess markdowns to clear inventory and a higher tax rate. It finished the quarter with adjusted earnings per share of $0.85, compared to $0.83 in the quarter a year ago and better than estimates at $0.65.

While management said on the earnings call that it was taking a "measured approach" to guidance due to macro uncertainty, it's also seeing strong demand at a moment when most retailers are experiencing the opposite, which highlights the strength of Nike's brand, new products, and investments in the digital and direct channels.

The headwinds on the cost side should prove temporary, as the company said it passed the inventory peak, and gross margins should improve over the next year as inventory levels normalize. Additionally, performance in China is recovering as Beijing takes steps to pull back the zero-COVID policy.  

Finally, the company continues to gain market share on peers like Adidas and Under Armour. Nike isn't immune to a recession, but the latest results should give investors confidence that it can outperform even in a challenging macro environment.

2. Redfin: Waiting for a housing rebound

Digital real estate brokerage Redfin (RDFN 0.77%) has been one of the worst performers on the market this year, with the stock down 87%. As the housing market shifted into a correction after the boom of 2020 and 2021, demand for Redfin's services dried up. The company responded by announcing two rounds of layoffs, and by closing its home-flipping business, RedfinNow.

Those moves should help drive the company toward profitability, and it should also benefit from the housing market returning to equilibrium.

While prices could continue to fall through 2023, there are signs that the market could stabilize sooner than expected. Mortgage rates, for example, are probably near their peak, as the Federal Reserve expects just 75 basis points more in interest rate hikes next year. In addition, if the country does fall into a recession, that could persuade the Fed to lower rates. 

Existing-home sales could also bottom soon, as mortgage applications have started to tick back up. Since Redfin's business is tied to home sales, a rebound in transactions may be more important than a rebound in prices.

Redfin's recent results have been not been inspiring. Gross profit plunged 54% in its most recent quarter, and it posted an adjusted EBITDA loss of $51 million, compared to a profit of $11.8 million in the quarter a year ago.

However, when the housing market was stable, Redfin was steadily gaining market share, and the company should be able to do so again in a healthier environment.

The real opportunity in this turnaround play comes from Redfin having fallen so far since its pandemic-era peak. Excluding the RedfinNow business, the stock trades at a price-to-sales ratio of roughly 0.5.

If the company can return to growth and the housing market improves, the stock is likely to bounce off its recent lows.