Markets opened lower on Friday after US GDP came in lower than expected. What does this mean for the markets next week? Arthur Hogan, global equity product strategist at Jefferies, shared his insights.
“This market remains relatively strong and resilient but unfortunately, this is one of the weeks where we had to revisit volatility,” Hogan told CNBC.
Despite the apparent stock weakness, Hogan said the market fundamentals are still “very strong” — but are not properly reflected in stock valuations.
“We can close this week on an upnote today and we’ll see what next week brings,” he said. “We’re not in earnings season anymore, so we can shift our focus back onto just economic data, and there will be plenty of that next week.”
For investors looking into stocks, Hogan recommended American Electric Power .
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No immediate information was available for Hogan or his firm.
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