AutoZone, auto parts providers push higher as investors play defense
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Auto part retailers AutoZone (NYSE:AZO), Advance Auto Parts (NYSE:AAP), and OâReilly Automotive (NASDAQ:ORLY) were notable gainers on Monday as markets remain in turmoil.

The auto retail sector has been highlighted as both a thematic defensive play given its non-discretionary characteristics and a momentum play given significant outperformance relative to the S&P in recent months. In fact, both OâReilly Automotive and AutoZone were highlighted by Wells Fargo as top momentum picks, with the latter selected as the number one momentum pick in the consumer discretionary category. 

"Aftermarket retailers remain relatively well positioned in our view due to the aging fleet, auto shortage, pro recovery, and pass through power amidst the inflationary backdrop,â Evercore ISI told clients in a recent note, pointing to positive industry dynamics aiding the stocks as well.

Shares of OâReilly Automotive rose 1.97% into afternoon trading on Monday while AutoZone (AZO) and Advance Auto Parts (AAP) rose 2.61% and 2.46%, respectively.

Read more on other defensive names defying the general market downtrend on Monday.