Investors should disregard concerns over high valuations and focus on growth in what is now a "stockpicker's market," according to Matt Orton, chief market strategist at Raymond James Investment Management.
The S&P 500 closed out a two-week losing streak on Friday, but Orton told CNBC that stock market gains are broadening and brief pullbacks should be used "opportunistically."
Much of the significant rally over the last 18 months has been driven by the so-called "Magnificent 7" megacap tech stocks, but they have begun to diverge.
"We're back to a stockpicker's market – idiosyncratic risk is finally being rewarded again and that, to me, is most important.
It means that you have the opportunity to diversify your portfolio and actually lean into what works and lean out of what's not," Orton told CNBC's "Squawk Box Europe" on Monday.
Persons:
Matt Orton, Orton, Tesla, CNBC's
Organizations:
Raymond James Investment Management, CNBC, Apple, Microsoft, Nvidia