Ameriprise: Stick with Cyclical Stocks Heading Into Second Half

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Ameriprise: Stick with Cyclical Stocks Heading Into Second Half

by TheStreet.com Videos 2:37 mins

Ameriprise: Stick with Cyclical Stocks Heading Into Second Half

by TheStreet.com Videos 2:37 mins

The stock market is not overvalued despite the recent run of new highs, says David Joy, Chief Market Strategist at Ameriprise Financial. That said, Joy says stocks could sell off around 2000 on the S&P once traders begin discounting increasingly hawkish Federal Reserve actions. Joy says the economic data is finally catching up with equities and this will drive second quarter earnings higher. Joy does not like defensive stocks at this juncture, especially utilities. Instead, he looks to cyclical sectors like technology, industrials and financials for leadership.

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