Several stocks in the S & P 500 often rise whenever Nvidia shares fall, according to a CNBC Pro analysis. The U.S.-listed stocks are energy utility Xcel Energy , beverage makers Coca-Cola and Keurig Dr Pepper , food producer General Mills , health care companies Solventum , Cencora , Becton, Dickinson and Co , and AbbVie and defense contractors Lockheed Martin and Northrop Grumman . CNBC Pro screened for stocks in the S & P 500 that were inversely correlated to Nvidia’s over July, a month in which the chip maker’s stock declined by 11.6%. In contrast, the stocks identified by CNBC collectively notched a 9% return over the same month. NVDA YTD line A combination of disappointing tech earnings and impending interest rate cuts has weakened some of the bullish sentiment toward technology and semiconductor stocks . Instead, investors have recently been rotating into smaller-cap names, sending the Russell 2000 index 10.9% higher in July. By comparison, the S & P 500 notched a 1.1% gain, while the tech-heavy Nasdaq Composite eased 0.8%. In the tables below, a value of negative 1 in the correlation column would mean that as Nvidia ‘s stock moves, either up or down, the share price of the companies listed below moves in lockstep in the opposite direction. A correlation of 0 would indicate no statistical link between Nvidia’s stock and the share price of the other companies. CNBC Pro’s analysis used the Pearson correlation coefficient, the most common way of measuring a linear correlation between two variables — such as stock prices. CNBC’s calculations only measure the direction and size of daily price action. Long-term returns are not considered. Correlated returns also do not indicate causation or guarantee future returns or price action patterns. The below table highlights the 10 stocks in the S & P 500 with the strongest inverse correlation with Nvidia’s share price over the first week of August. Food producer General Mills was the only stock that was inversely correlated to Nvidia’s on a weekly and monthly basis. Nvidia’s decline over the past weeks has prompted a number of investment banks to urge investors to buy the stock. Morgan Stanley said the July sell-off in Nvidia had gone too far and moved the stock back to “top pick” status in the chip space. Meanwhile, Goldman Sachs continued to maintain Nvidia in its ” Conviction List – Directors’ Cut ” for the month of August. — CNBC’s Arjun Kharpal, Lisa Kailai Han and John Melloy contributed to this report.