Health care shouldn't be overlooked as a place to buy amid the current market turmoil, according to Jamie Cox, managing partner at Harris Financial Group. The broader market has pulled back in recent weeks as investors grow cautious that the Federal Reserve will not cut interest rates as early, or by as much, as they had hoped. Cox said traders can pick up good companies at low prices in this environment, while others sell without rhyme or reason.
He added that the sector could be entering a time like the 1990s, when there were big leaps in drug delivery innovation/. In particular, he pointed to Novo Nordisk and Novartis as good investment ideas. On the other hand, Cox said he doesn't like Pfizer as much. U.S.-listed shares of both of his picks have diverged this year. Demark-based Novo has slid more than 2% this month but is still up by more than 20% in 2024.