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A promising new technology holds the potential to change the world. Investors enjoy multi-year gains as many stocks soar in anticipation of the tremendous opportunity. This also drives valuations to dizzying levels.
I could be talking about 1999, with the dot-com boom still going. However, 2026 fits the scenario just as well, with the S&P 500 (SNPINDEX: ^GSPC) Shiller CAPE (cyclically adjusted price-to-earnings) ratio near its highest level since late 1999 and early 2000. Just substitute artificial intelligence (AI) for the internet.
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We don't yet know whether the AI-driven momentum will fizzle out, as the dot-com bubble did more than a quarter-century ago. But not every stock has a nosebleed valuation today. Here are three dividend stocks built for a market priced like it's 1999.
Healthcare stocks held up much better than most when the dot-com bubble burst in 2000. I think AbbVie (NYSE: ABBV) is in a good position to do so as well, if history repeats itself.
AbbVie's shares trade below 18 times forward earnings. More importantly, the company's growth prospects appear to justify that valuation. Autoimmune disease drugs Skyrizi and Rinvoq continue to enjoy strong momentum, with sales for both soaring roughly 23% year over year in the third quarter of 2026. AbbVie's migraine therapies Qulipta and Ubrelvy delivered even more impressive growth.
The company's pipeline also looks promising. AbbVie has around 90 programs in clinical development, with two-thirds of them in mid- or late-stage testing. I'm especially keeping my eyes on ABBV-466, a combination of Skyrizi and trosunilimab that could be another blockbuster if Phase 3 testing goes as well as the Phase 2 clinical trial.
As icing on the cake, AbbVie is a member of the Dividend Kings, a group of stocks that have increased their dividends for at least 50 consecutive years. AbbVie has grown its dividend by 23% over the last five years, and it now yields 2.5%.
When the dot-com bubble burst, oil and gas continued to flow through pipelines across the U.S. And top midstream energy companies like Enterprise Products Partners (NYSE: EPD) generated cash flow regardless of what happened to oil and gas prices.
Many pipeline stocks have relatively low earnings-based valuations. Enterprise Products Partners is no exception, with a forward price-to-earnings ratio of 11.5.
I don't think you'll find a better-managed midstream energy company than Enterprise Products Partners. Management has plenty of skin in the game: around one-third of outstanding units are owned by Enterprise's general partner's executives and affiliates. The company's financials are rock-solid too, as evidenced by Enterprise's industry-leading A- credit rating.
Income investors should love this stock. Enterprise Products Partners offers a forward distribution yield of over 6%. The company has increased its distribution for 28 consecutive years -- a streak I fully expect to continue.
The Federal Reserve slowly raised interest rates in 1999. We're seeing the same trend today. The Fed increased rates once in September 2026. CME Group's (NASDAQ: CME) FedWatch projects a 100% chance of another rate hike when the Federal Open Market Committee (FOMC) meets in December. Rising rates are good news for JPMorgan Chase (NYSE: JPM).
There's a simple reason why that's the case. Banks' net interest income grows when interest rates are higher as the spread between the rates they charge borrowers and the rates they pay depositors widens. And JPMorgan Chase's net interest income is already trending upward, jumping 13% year over year in Q3 to $27.1 billion.
This bank stock is much more attractively valued than most S&P 500 members. JPMorgan Chase's shares trade at 13.4 times forward earnings. This isn't an indication of any problems, though. CEO Jamie Dimon noted in the Q3 update, "Each line of business performed well."
Granted, you won't get as juicy a yield with JPMorgan Chase as you will with AbbVie or Enterprise Products Partners. The bank pays a forward dividend yield of around 1.9%. However, JPMorgan's dividend should be reliable. And I think the stock should have room to run over the next 12 months.
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JPMorgan Chase is an advertising partner of Motley Fool Money. Keith Speights has positions in AbbVie and Enterprise Products Partners. The Motley Fool has positions in and recommends AbbVie, CME Group, and JPMorgan Chase. The Motley Fool recommends Enterprise Products Partners. The Motley Fool has a disclosure policy.
3 Dividend Stocks Built for a Market Priced Like It's 1999 was originally published by The Motley Fool
