"The name of the game is don't be a hero," Bank of America's head of U.S. equity and quantitative strategy, told CNBC's " Squawk Box " on Friday. "Park in safe, total-return type vehicles where you get paid to wait." Subramanian mentioned utilities and real estate as sectors that can help investors navigate this tough market. The Real Estate Select Sector SPDR Fund and Utilities Select Sector SPDR Fund are each up more than 5% in the past month.
The economy added 142,000 jobs in August, slightly less than a Dow Jones consensus forecast of 161,000. June and July numbers were revised down sharply. Subramanian also pointed to political worries, with the U.S. presidential election two months away.
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