Sometimes "good news is bad news" -- and vice versa, according to Andrew Burkly, market strategist at Brown Brothers Harriman. He explained his reasoning to CNBC's Melissa Francis -- and also told why he prefers equities to commodities.
Speaking on "Closing Bell," Burkly took the "bad news" -- a projection of slowing economic growth -- and pointed out that the slowdown could lead to "one or two" Federal Reserve rate cuts, which would be "good for P/E ratios."
Such a scenario "reminds me of last spring," the strategist said, when a "7% or 8% correction in the [S&P] Big Cap indexes" occurred; the market then "rallied and broke out of the pattern."
Burkly told Francis that he prefers equities to commodities due to that same slower-growth projection, declaring, "Stick with the stock market." He favors segments within industrials, especially "road and rail" and machinery companies. In the tech sector, he said he's "starting to warm up" to semiconductors, although "we don't think it's quite time" to embrace tech -- but that time is "close."