Stocks are turning higher, as the major averages try to avoid a second day of losses.
Bruce McCain, chief investment strategist at Key Private Bank, tells CNBC's "Power Lunch" on Wednesday he expects the markets to be in a trading range, with modest upside for much of this year.
In this environment, McCain still prefers stocks to bonds and one of his top picks is a big-cap name.
"Thermo Fisher Scientific provides broad exposure to the economy's research spending [and] offers solid organic growth, plus a proven ability to make effective acquisitions," McCain said.
He believes the outlook is bright for the scientific instruments manufacturer. "Favorable tailwinds in its government, pharma, environmental & industrial segments make this a particularly good time to own this growth stock," McCain said.
Thermo Fisher Scientific is higher during trading and is up more than 4 percent this year.