Wall Street is focusing on key economic news this week and any clues to support an interest rate hike in December. Fed Chair Janet Yellen is giving two speeches later this week and the monthly jobs report is out on Friday. Right now, the market is expecting the Fed to raise interest rates at the conclusion of its two-day meeting December 15-16.
Bill Stone, chief investment strategist at PNC Asset Management, tells CNBC's"Power Lunch"on Monday "all the data and speeches, but payrolls in particular, will be closely watched for the impact on the probabilities that the Fed hikes interest rates at its December 16 meeting, with futures currently indicating a close to 75 percent likelihood."
Joe Tanious, investment strategist at Bessemer Trust believes lift-off will be good for stocks, but he doesn't think it will be one and done for the Fed.
"We believe the Fed will raise rates in December, and will lift off slowly from that point forward (but perhaps faster than market is expecting?). While we may see a knee-jerk reaction from the rate hike, we believe removing this uncertainty is a positive for risk," Tanious said.
Consumer discretionary and tech are higher year-to date, while financials, utilities and telecom are lower.