Consumers do have more money so do this: Parker

Contrary to what most people say, the U.S. consumer does have more money, argues Morgan Stanley's chief U.S. equity strategist, Adam Parker.

"Our view is that the U.S. consumer has more money than people think," he told CNBC's "Squawk on the Street" on Tuesday. "There's more people working, they are working more hours per week, more money per hour, the interest rates are down, debt burden is down and gas prices are low."

Parker's play on this: Buy credit card companies.

Retail sales are scheduled for release on Friday. He said it can be hard to quantify how consumers can boost traditional retail sales since many are purchasing goods over the Internet.

Betting on Europe

"Sometimes the data points are not capturing the true sentiment," he said. "You'll see that work out over the next six to nine months."

With the Fed likely raising interest rates this month or early next year, Parker said he is overweight financials for the first time since he became a strategist in 2008. He cites big growth, shareholder return and some immunity from a stronger dollar as reasons for the bet.

Dale Winner, Wells Fargo portfolio manager, told CNBC's "Squawk Alley" that he is constructive on Europe for three reasons: better valuations, better earnings and the start to quantitative easing.

He said Europe's refugee crisis was a "serious social issue right now," but it shouldn't be a big driver of stocks.