Don’t get out of the market, but be defensive: Pro

With the summer slowdown and geopolitical events unfolding around the world, investors should be a little more defensive, Morgan Stanley Wealth Management's Andrew Slimmon told CNBC. However, he would not get out of the market.

Instead, Slimmon, who is the firm's managing director and senior portfolio manager, likes multinational oil stocks, which have 3 to 4 percent yields.

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"There's a thirst for yield," he said in an interview with "Power Lunch."

"Multinational oil stocks have just as good yields as some of the utilities and REITS and they haven't done nearly as well. So [they are a] great defensive play, especially with all these geopolitical issues."

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The S&P 500 dropped 1 percent Thursday after the downing of a Malaysia Airlines plane over Ukraine and Israel's ground offensive in Gaza. However, the index rebounded Friday on corporate earnings.

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That said, Slimmon believes investors should focus less on geopolitical events and more on the Federal Reserve—specifically, the central bank's annual conference in Jackson Hole, Wyoming, in August. Fed Chair Janet Yellen is expected to attend the three-day summit, and investors will be watching closely to see if she continues to remain dovish, Slimmon said.

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"As long as the Fed's on the sidelines or the bond vigilantes don't push rates up, that's going to allow the [P/E] multiple to continue to expand into the fourth quarter," Slimmon said.

That, in turn, will continue to push the market higher, he added.

—By CNBC's Michelle Fox