Shannon Saccocia doesn’t expect ‘financials’ to lead in Q4: here’s why

The S&P 500 Financials is up more than 5.0% since last Tuesday, but Boston Private’s Shannon Saccocia is convinced that the momentum will not sustain in the upcoming months.

Saccocia’s remarks on CNBC’s “Halftime Report”

Saccocia picked industrials, technology, and healthcare as the top three sectors she expects to outperform in the fourth quarter. On CNBC’s “Halftime Report”, she said:

Saccocia rates financials at “equal weight”. So, she expects the sector to remain “fine” but not lead the way in Q4.

Pete Najarian’s outlook on financials

In the same interview with CNBC, optionMONSTER co-founder Pete Najarian also agreed with Saccocia.

Najarian expects rates to move higher but says it’s unlikely that financials will be the primary beneficiary since they’ve already had their move up. He said:

Najarian, however, is still “overweight” on the banking space for the fourth quarter but expects energy and tech to be a better bet for investors.