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Whoever is president may only have a 'minor' impact on the overall market: Strategist

Despite the market's reaction to political news, whoever winds up in the White House may only have a "minor" impact on the overall stock market, strategist John Canally told CNBC on Friday.

U.S. equities tumbled Friday afternoon after the FBI said it was investigating new emails related to Democratic nominee Hillary Clinton.

"Markets are generally are going to go up and down based on the earnings of the companies in the market," the economist and investment strategist at LPL Financial said in an interview with "Power Lunch."

"The president does have a say of course. The president can nudge one way or the other or set an overall tone."

That said, certain sectors like health care, trade and financials could really be impacted by who wins the election on Nov. 8, he added.

Equities gave back earlier gains Friday after the FBI's announcement. The Dow Jones industrial average was trading about 75 points higher, and then briefly fell more than 30 points after the news broke. The benchmark was down lightly in midafternoon trading. Many analysts believe the market has been pricing in a Clinton win in November.

— CNBC's Fred Imbert contributed to this report.