JPMORGAN: The biggest risk to stocks is from rising rates, but these 19 will be resilient

The Federal Reserve did the expected this week and raised its benchmark interest rate.

If there are no sudden shocks to the economy, the Fed plans to continue lifting rates, after leaving them near zero for about a decade.

In a note Friday, JPMorgan equity strategists said rising rates and a stronger dollar are the biggest risks to their bullish outlook for stocks in 2017.

"While the low interest rate environment has been a headwind for financials, it has been a boon for the remaining ten sectors that have $4 trillion in aggregate outstanding debt," said Dubravko Lakos-Bujas, head of US equity strategy. "We expect this benefit to gradually reverse with rising yields."

He added, "Industries more likely to be resilient to rising rate environment should be asset-lite and cash-rich (i.e., Financials, Software, Internet, and Healthcare Equipment.)." These companies would continue to have a low interest expense, or payments due on their lines of credit.

"The companies screen as the having the highest average ranking across S&P 500 companies in the following three categories: 1) low average capex as % of revenue and low average PP&E as % of assets, 2) low average net debt as % of assets, 3) and high average net income margin."

The closer a company's ranking is to 500, the better.

Here are 19 of those companies that would benefit from rate hikes: