- The market may be hitting new highs, but it is "too complacent," Dani Hughes told CNBC.
- Many passive investors have "set it to forget it," she said.
- Charlie Bobrinskoy believes it is dangerous to talk about the market as a whole because big-name tech is pushing the S&P higher, but other sectors are down.
The market may be hitting new highs, but it is "too complacent" and "too arrogant," Dani Hughes told CNBC on Wednesday.
Existing home sales fell and the market shrugged it off, and then stocks "yawned" after the Federal Reserve released its meeting minutes from earlier this month, the CEO of Divine Asset Management said in an interview with "Closing Bell."
Plus, after the terror attack in Manchester on Monday, "the market actually said it can't happen here."
"Everything is staying where it is, and that has a lot to do with passive investment. I think a lot of people have actually set it to forget it, especially in their retirement accounts," she said.
Charlie Bobrinskoy, head of the investment group at Ariel Investments, believes it is dangerous to talk about the market as a whole.
"The S&P is doing all these wonderful things because these big-name tech stocks are doing all these wonderful things," he told "Closing Bell."
"Small-cap value stocks are probably down on the year. Lots of individual names. There was all this talk about bank stocks, they're now down on the year. So you really do have to go sector by sector."
For Gabriela Santos, global market strategist at JPMorgan Funds, it's time to be much more selective in the U.S. stock market. She would also incorporate international stocks.
A couple of months ago there were expectations for both upside and downside risks coming from Washington, but those risks have been moved, she said in an interview with "Closing Bell."
"What you're left with is a 2 percent pace kind of economy with a healthy, solid consumer," Santos said. "That's a good backdrop for earnings growth and for the markets to grind higher over the next few years. But it's slow and steady."
Kevin Nicholson, chief risk officer at Riverfront Investment Group, also still likes the U.S. but is tilting more toward Europe now.
"Overall, you're seeing global growth everywhere. And so you kind of have to ride the momentum. I think things are going to be higher when we get towards the end of the year," he told "Closing Bell."
—CNBC's Fred Imbert contributed to this report.