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Saudi Arabia shut down half its oil production Saturday after drone strikes hit the world's largest oil processing facility in an attack claimed by Yemen's Houthi rebels.Politicsread more
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Wall Street veteran Jeff Saut suggests investors could do well buying shares in technology, financials, health-care and energy names regardless of Tuesday's midterm election results.
"I think some of the tech stocks have been sold off enough; some of the FAANG stocks down 15 [or] 20 percent," the chief investment strategist at Raymond James said on "Closing Bell." "They sold off enough that valuations are better than they were a couple months ago." FAANG stands for Facebook, Apple, Amazon, Netflix, and Google-parent Alphabet.
Saut also said that energy stocks "washed out," financials could stand to improve, and "demographics are in play for health care."
Republicans are generally expected to hold on to their slim majority in the U.S. Senate.
Saut suggests investors shouldn't worry whether the Democrats take over the House or the Republicans hold on to their trifecta in Washington, D.C., including the Senate and the White House.
"I would tell you this: If the stock market is a forward-looking mechanism, the stock market is telling you it doesn't matter if the House of Representatives is retaken by the Democrats," he said.