US Markets

Donald Trump will have 'very little' influence on market in 2017, strategist says

Closing Bell Exchange: Markets fairly valued?

The recent market rally would have occurred whether President-elect Donald Trump or Hillary Clinton won the presidential election, strategist Scott Wren told CNBC on Monday.

In fact, he thinks Trump's new administration will have very little, if any, influence on the market this year.

"We're trading off fundamentals that are going to happen in 2017, which has very little to do with whoever the new president would have been," the senior global equity strategist for Wells Fargo Investment Institute said in an interview with CNBC's "Closing Bell."

"Being Donald Trump, he's going to have very little influence on GDP, earnings, all those sorts of things in 2017."

President-elect Donald Trump
Albin Lohr-Jones | Bloomberg | Getty Images

Trader Stephen Guilfoyle, founder and president of Sarge986, disagrees.

"We have the most business-friendly president probably of all time. He's appointing probably the most business-friendly Cabinet of all time. He has a compliant legislature and possibly a hawkish Fed," he told "Closing Bell."

Guilfoyle believes that will result in less regulation and lower taxes, as well as the probability of some growth.

In this environment he likes financials, at least for the first half of the year. The sector has rallied since Trump's victory, along with the rest of the market.

Now, however, stocks are moving sideways, Guilfoyle pointed out.

U.S. equities closed mixed on Monday, with the Nasdaq hitting a new all-time high and the Dow Jones industrial average and ending down.

Steven Quirk, executive vice president of TD Ameritrade's Trader Group, told "Closing Bell" his clients are "dialing down" their exposure to names and sectors that have rallied since the election, including financials.

"There's a little bit of trepidation in advance … of all these policies being enacted," he said.

However, he believes a pullback would be an opportunity to buy.