As the U.S. stock market moved higher Monday, experts differed on the right move for investors to make.
For John Stoltzfus, chief investment strategist at Oppenheimer Asset Management, cyclicals are the place to be, noting that defensives have been overvalued for quite a while.
"The economy is doing better, the Federal Reserve is showing remarkable sensitivity — we expect they're going to raise once this year just to keep animal spirits in check, and that will probably happen in December — so we want to own cyclicals," he said in an interview with CNBC's "Power Lunch."
However, Pimco's global credit chief investment officer Mark Kiesel likes U.S. corporate bonds.
"This has really been the year of credit, and credit has outperformed equities," he told "Power Lunch."
"Corporate bonds, even today at current valuations, can deliver 3 to 4 percent for investment grade corporate bonds in the United States and roughly 5 to 6 percent for high yield bonds," he said.