Goldman Sachs Chief U.S. Equity Strategist David Kostin says market returns could be flat again in 2016 as the Fed starts to raise interest rates.
But Art Hogan, chief market strategist at Wunderlich Securities, tells CNBC's "Power Lunch" on Tuesday the Fed will move very slowly on rates.
"This is a massively different Fed - one that has been more gradual and data dependent. If in fact the data are such that the Fed sees fit to raise some time again in 2016, that should be accompanied with improving earnings and better multiples," Hogan said.
He believes there's a good chance we will see mid-single digit returns.
"I would offer up that 2016 will look more like a year with better currency/energy results or $123.25 earnings for the S&P 500 or so at the low end -17.5x $123.25 is about 2175 SPX or a 6 percent total return from here," Hogan said.
Qualys and Proofpoint are higher during trading, while FireEye is lower.