Art Hogan, managing director at Jefferies, told CNBC’s “Power Lunch” that the slumping housing market has shaved about 1% off GDP growth, and this may be good news for interest rates.
“I think as the Fed looks to the economy, they can say residential real estate has slowed things down enough so that we don’t have to tap the brakes any more that we already have,” Hogan said Tuesday.
He likes energy stocks and technology, especially telecom hardware.
“We see firmness in the energy price and I think that’s going to be a cyclical bull story,” Hogan said.
Scott Billeadeau, director of small and mid-cap growth strategies at Fifth Third Asset Management, said he likes industrials and energy infrastructure plays, especially refinery construction, pipelines and transmission lines. He also expects telecom spending to increase later this year.