Power Play: Investing amid volatility

People visit the scene and lay tributes to the victims of a terror attack on the Promenade des Anglais on July 15, 2016 in Nice, France.
Mustafa Yalcin | Anadolu Agency | Getty Images

Stocks are steady on Friday, in the wake of the tragic events in Nice, France Thursday night.

Jeff Carbone, managing director at Cornerstone Financial Partners, tells CNBC's "Power Lunch" that, "It's an unfortunate commentary that the markets are basically having no reaction to the terror attack that took place in Nice last night. As these horrific attacks occur, the markets have become prone to them and very little market reaction has occurred."

This tragic news, alongside the economic uncertainty, can created anxiety both at home and abroad. However, Carbone believes that the best thing investors can do during periods of uncertainty is keep a diversified portfolio. "A well-diversified portfolio is the best advice for investors at this point in the cycle because there are both risks from lower rates and lower economic growth."

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Carbone said that one sector he currently favors is health care, with an emphasis on equipment and services, since this sector is less likely to be affected by a change in rates or an economic slowdown.

"People will continue to go to the doctor, seek out medical assistance and take medication whether or not rates rise and whether or not the economy slows." Carbone said.

Chad Morganlander, portfolio manager at Stifel, also recommended the health care sector. Speaking to CNBC's "Power Lunch" Friday, he highlighted Amgen, Abbot Labs. Aetna and United Health as his top picks.

CNBC's Jennet Chin contributed to this article