Which would you rather own: Germany's DAX or Apple?

Despite reporting robust forecast-beating second-quarter earnings last week, the value of Apple shares quickly plunged and have struggled to regain momentum.

But it is not just Apple that is losing steam. Some of the biggest names on Wall Street, which have been tasked with leading markets higher in recent weeks, are coming under pressure as analysts and investors have grown increasingly risk adverse in light of earnings, the Chinese equity rout and interest rate fears.

With volatility dominating equities on both sides of the Atlantic, here we speak to investors and analysts on their preferred sectors and regions and what they are steering clear of at the moment.

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Buy the DAX over Apple

German's DAX has been beaten down and exists in the "squeezed middle of Europe" according to the head of equity strategy at HSBC, Peter Sullivan, who argues that investors are overlooking German equities in favor of the extremes of either the safe-haven U.K. stock market, or the risky periphery.

"I think Germany is being left aside and the valuations are starting to look interesting to me," Sullivan told CNBC.

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"The money you could spend to buy Apple and Microsoft, you could buy the entire DAX index and still have $67 billion spending money for your holidays. Risks are there – but they are now reflected in the valuations. We think the DAX index itself looks interesting," he said.

Sell out of momentum names

In the U.S., markets have been counting on companies such as Google, Netflix, Amazon, Facebook, Visa, Starbucks to drive the markets higher, head of technical analysis at Cornerstone Macro, Carter Worth said.

These big growth names are now "fully exploited" and so can no longer be relied upon to lead U.S. equities higher.

"Apple has started to look at bit dodgy of late, certain biotechs have lost momentum and of course we have whole swathes of the market that are literally plunging to new lows. From energy, materials and industrials – so who do we look to to take the market higher if we have those three circumstances?"

"So the parts that compose the whole, would suggest that the whole is not in a position to move higher because there are not any parts that can move higher," Worth told CNBC.

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Euro zone still looks best value

As the risks of Greece have now substantially subsided, risk-on in the euro zone is once again justified, according to global chief investment officer for UBS wealth management, Mark Haefele.

The weakened euro and cheap oil will drive strong earnings growth, which he expects to hit around 12-15 percent this year, and ultra-easy monetary policy is boosting the outlook for economic growth, Haefele said in an investment update to clients.

"Over our six-month investment horizon, euro zone equities still offer the best opportunity," he said.

"Elsewhere, we see promising relative value opportunities. We are introducing an overweight Japan equity position versus U.K. equities. Not only do leading indicators point to an improving outlook for Japan, but we have now seen strong profit growth for long enough to be confident in such qualitative measures," he added.

Tread carefully in tech

The tech giants' mounting cash piles are attractive to income-hungry investors, as shareholders are increasingly calling for the huge funds to be returned to them in dividends, according to global equity fund manager at Kames Capital, Craig Bonthron.

Cisco and Intel, have become important stocks for income investors and the sector recently overtook the financial sector to become the largest contributor of dividends to the , accounting for 15 percent of total dividend pay-outs according to Kames data.

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But while this shift has increased options for income-seekers, Bonthron warned investors need to treat the sector with caution.

"All else being equal from a dividend yield or capital return perspective, it will always be riskier for an income investor to choose a technology stock over a staple food producer, for example, which offers predictable cash flows and a proven record of paying dividends to shareholders," he said.

"We constantly question whether cash flows at technology companies are sustainable and if their market shares' are vulnerable to disruption," Bonthron added.