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Power Play: Potential market risks this year

Traders work on the floor of the New York Stock Exchange.
Lucas Jackson | Reuters
Traders work on the floor of the New York Stock Exchange.

The market rally fades as oil tumbles again. With the major averages in or close to a correction, many investors are wondering if the bull market is coming to an end.

Andrew Slimmon, portfolio manager at Morgan Stanley Investment Management, tells CNBC's "Power Lunch" on Tuesday, we'll have better market returns this year, but he is worried about crude.

"Is oil predicting that something isn't showing up in the economy yet? We got the employment numbers, which reinforces the belief that's not the case," Slimmon said.

Read MoreStocks try for gains amid oil slide

Another risk for Slimmon is the Fed. "If the economy really starts to accelerate and the Fed feels it has to raise rates at every meeting, the market won't do well. If the Fed hikes at alternating meetings, the market does well," Slimmon said.

David Lefkovitz, senior equity strategist at UBS Wealth Management, agrees it is a problem if the Fed tightens too much.

Other potential risks for Lefkowitz are Chinese policy and the U.S. election. "The election year in the U.S. will create some volatility, but it shouldn't have a huge market impact," Lefkowitz said.

WTI and Brent crude are down about 3 percent during trading.