Carson Group’s Chief Market Strategist, Ryan Detrick, is advising investors not to follow the age-old adage of “Sell in May and go away.” Despite a stock correction in April, Detrick believes that the markets have moved past this and are poised for strength in the summer, especially in an election year.
In an interview with CNBC’s “Closing Bell,” Detrick emphasized the importance of not blindly following seasonal trends but instead focusing on the potential growth opportunities in the market. He revealed that he has increased exposure to cyclical stocks, particularly in industrials and financials, in the past month. Additionally, Detrick mentioned that mid-cap and some small-cap stocks could also see growth this year.
Meanwhile, after-hours trading saw some major movements in the stock market. Palantir Technologies experienced a decline of over 8% after issuing lighter-than-expected guidance for full-year revenue. Lucid Group, an electric vehicle maker, tumbled around 10% despite posting a slight revenue beat. On the other hand, Hims & Hers Health, a telehealth consultation platform, jumped 11.1% postmarket after surpassing revenue guidance for the second quarter.
As the market continues to fluctuate, U.S. stock futures were marginally lower on Monday evening. Dow Jones Industrial Average futures slipped 8 points, while S&P 500 and Nasdaq 100 futures also pulled back by less than 0.1%. Investors are advised to stay informed and cautious in their investment decisions as the market landscape evolves.
