If the market’s dramatic shifts this year leave you discombobulated, you’re not alone. But, despite widespread overvaluation across a range of tech stocks, plenty of cheap blue-chip stocks are ready to offer the portfolio stability we’re all desperately seeking.

Amidst the current rally, we’ve seen stocks rise, plummet and rise again, driving investors toward small-caps, tech and growth stocks. While this has been profitable, it might not be the best long-term move. Cheap blue-chip stocks, on the other hand, offer the foundational stability many portfolios lack.

The economic landscape remains uncertain, with inflation stubbornly above the Fed’s 2% target, making the path to recovery unclear. One adverse event could send speculative stocks tumbling again. With this in mind, consider these cheap blue-chip stocks for stability, value and decent diversification to protect yourself against the worst fallout if (or when) the market takes another hit.

U-Haul (UHAL)

U-Haul (NYSE:UHAL) dominates the DIY moving and truck rental market, far outpacing competitors with an expansive network of 23,000 locations. Despite its market dominance, U-Haul often flies under the radar of investors, even those seeking cheap blue-chip stock stocks. That applies to institutional investors too — Barron’s says that “There is virtually no Wall Street coverage of U-Haul” and it’s “run like a private company by the Shoen family, which owns about half the company.”

Currently valued at a reasonable 20x earnings and 1.8x book value, U-Haul stands to benefit as the Fed’s relatively softer stance materializes, even if rates don’t drop anytime soon. We’re already seeing new housing starts tick upward, meaning summer moving season is rapidly approaching as mortgage rates begin flatlining. An increase in housing movement directly benefits U-Haul as more individuals opt for the cost-effective DIY moving approach. Polls indicate that only 22% of movers hire a company for their moving needs, while 37.5% go the DIY route, renting a truck for self-managed moves.

AT&T (T)

When investors imagine cheap blue-chip stocks, AT&T (NYSE:T) is often top of the list. Despite dipping last summer due to concerns over lead shielding, shares are rebounding as the issue appears less severe than initially thought. Still, shares remain undervalued, trading well below pre-pandemic highs, providing an opportunity to benefit from a potential rise back to the top.

While cheap blue-chip stocks, particularly in the utilities sector, often lack the innovation seen in growth stocks, AT&T stands out. This week, the company made waves after announcing a commercial partnership with AST SpaceMobile (NASDAQ:ASTS) to provide space-based broadband cell connectivity to customers through 2030. While the companies have worked together since 2018 to bring the dream to fruition, this move marks a major milestone in AT&T’s goals to expand its global network l, leveraging next-gen space tech.

Of course, another key feature of cheap blue-chip stocks is their dividend yield, and AT&T is a longstanding favorite among income investors. With a current dividend yield of 6.55% and a 56% payout ratio, AT&T offers income, stability and newfound growth opportunities through its strategic partnership with AST SpaceMobile.

Jazz Pharmaceuticals (JAZZ)

If you want to capture current cannabis trends but are (understandably) wary of speculative cannabis stocks, Jazz Pharmaceuticals (NASDAQ:JAZZ) is a cheap blue-chip stock offering legacy pharma stability with plenty of cannabis sector upside. Jazz’s daytime sleepiness and narcolepsy medication, Xywav, is a strong performer, accounting for as much as 10% of total sales and offering stability as it explores the emerging medical cannabis market driven by recent rescheduling news.

Jazz is uniquely positioned to capitalize on emerging rescheduling trends, thanks to its subsidiary GW Pharmaceuticals, one of the first companies to develop and bring commercialized medical cannabis to market. This places Jazz at the high end of the medical cannabis value chain, unlike many pure-play cannabis stocks focused solely on distribution. By maintaining key infrastructure at the top, Jazz is poised to dominate the burgeoning medical sector and outpace late entrants, including well-established pharmaceutical companies that may enter the field post-rescheduling.

On the date of publication, Jeremy Flint held no positions in the securities mentioned. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.