There is a group holding up amongst the negativity in the stock market. Restaurant names are separating themselves from others by showing relative strength compared to the indices.

For most, it’s hard to justify going out and spending money on a $50 steak after your 401k has taken a hit. People do have to eat, but they don’t have to necessarily go out to a fancy restaurant to eat. While lower stock prices may be worrisome enough to cut back on larger expenses, cheaper gas is actually putting more money in pockets. A direct beneficiary is the causal restaurant and fast food space because of their ability to give families dining options that won’t damage the wallet.

Looking over the last three months we see that four restaurant stocks have held up against the S&P 500. While the index is down just under 10%, these names are either down small or over up 5-20%. The resilience shown here shows us that the market believes the American consumer isn’t dead and that these companies are a beneficiary of cheaper energy prices.