Power Lunch

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Power Lunch

Power Play: The Fed ready to raise interest rates

Janet Yellen, chair of the U.S. Federal Reserve, speaks at a monetary policy implementation and transmission conference at the Federal Reserve in Washington, D.C., U.S., on Thursday, Nov. 12, 2015.
Andrew Harrer | Bloomberg | Getty Images

Stocks are down more than three-percent since November 4, when Federal Reserve Chair Janet Yellen said a December interest rate hike is "a live possibility."

But Scott Wren, senior global equity strategist at Wells Fargo Investment Institute, tells CNBC's "Power Lunch" on Friday market volatility is a buying opportunity.

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"The Fed is going to be very careful and take it very slow. The Fed does not want to make a mistake. The Fed realizes it needs 2 or even 3 months to properly prep the market for a rate increase (exactly what they are doing now)," Wren said.

He likes consumer discretionary, information technology and industrials in this environment.

"We are encouraging our clients to take advantage of pullbacks and add to cyclical sector equity exposure," Wren said.

The consumer discretionary, information technology and industrials sectors are lower during trading.