Talk of a recession has died down considerably in recent months. A year ago, economists and analysts were predicting higher interest rates would send the economy into a recession, hurting the workforce and corporate earnings. That narrative has now been quieted as the economy shows resilience in the face of higher for longer interest rates. However, while a recession doesn’t appear imminent, we may not be out of the woods just yet.

Inflation is proving to be sticky, requiring the U.S. Federal Reserve to push out interest rate cuts to later this year or into 2025. Some economists and market observers are now calling for further interest rate increases in coming months. JPMorgan Chase (NYSE:JPM) CEO Jamie Dimon has even talked of interest rates reaching 8% before inflation is tamed. In such a scenario, the risk of a recession would be back on and stocks would no doubt head lower.

So what’s an investor to do? Here are three recession-proof stocks to add to your portfolio in 2024.

Visa (V)

Credit card giant Visa (NYSE:V) just reported first-quarter financial results that beat Wall Street expectations due to strong consumer spending, particularly on travel. If there’s a recession coming, someone forgot to tell Visa’s customers, who continue to use their charge cards despite elevated inflation and interest rates. Visa reported earnings per share (EPS) of $2.51 compared to $2.43 that was expected on Wall Street. Revenue came in at $8.80 billion, beating estimates of $8.62 billion. Sales rose 10% from a year ago.

Visa attributed the positive results to strong consumer spending, especially related to travel and sun destinations during the winter months. Visa’s overall payment volumes and cross-border volumes increased 8% and 16% respectively during Q1. In terms of forward guidance, Visa reiterated its previous outlook for low-double-digit revenue growth this year. V stock rose 2% on the latest earnings beat and is up 20% over the past 12 months. Through five years, the stock has increased more than 70%.

PepsiCo (PEP)

PepsiCo (NASDAQ:PEP) has proven time and again that it has pricing power, or the ability to raise prices without losing customers. This pricing power has carried PepsiCo through the last two years as inflation and interest rates have spiked. Indeed, the company’s pricing power was on display again as it issued Q1 2024 financial results that topped Wall Street forecasts. The maker of Mountain Dew, Doritos, and Quaker oatmeal reported EPS of $1.61, exceeding analysts expectations of $1.52.

Revenue for the January through March quarter totaled $18.25 billion versus $18.07 billion that was estimated on Wall Street. Sales increased 2.3% from a year earlier. In terms of guidance, PepsiCo expects to deliver 4% revenue growth and 8% growth in its earnings for all of 2024. While the company has endured a recall of some Quaker Foods cereal and bars in recent months, they haven’t materially impacted the company’s earnings or outlook. PEP stock is flat on the year, but rising after its Q1 results.

General Motors (GM)

General Motors (NYSE:GM) doesn’t appear to be expecting a recession this year. The Detroit automaker just raised its 2024 guidance after trouncing Wall Street expectations with its Q1 earnings. GM reported earnings per share of $2.62 versus $2.15 that was the consensus forecast of analysts. In Q1, revenue reached $43.01 billion, surpassing the estimated $41.92 billion. Owing to the strong print, GM raised its guidance, saying it now expects earnings of $9 to $10 a share for the entire year.

The company also raised its forecast for free cash flow this year to a range of $8.50 billion to $10.50 billion. Strong North American sales, particularly of pick-up trucks, was largely responsible for the Q1 beat and guidance raise. The strong sales in the U.S. and Canada offset losses of $106 million in China. Looking forward, GM also reiterated plans to produce between 200,000 and 300,000 electric vehicles in 2024 despite a pivot to focus more on gas-electric hybrid vehicles.

GM stock is on an upswing, having gained 25% year to date.

On the date of publication, Joel Baglole did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.