Weakness is an opportunity: Truist

With the path for interest rates and the outcome of November's midterm elections on investors' minds, Keith Lerner, chief investment officer at Truist Advisory Services, is expecting market volatility.

But Lerner argues that the bull market is still intact and that while investors should expect some choppiness, they should "view weakness as an opportunity."

His reasoning is that "the economy remains resilient, the earnings estimates for next year continue to be revised higher, and valuations have reset to more reasonable levels."

"The market, however, is transitioning from a powerful earnings season to a more two-sided macro debate, with interest rates taking center stage," Lerner wrote.

As a result he expects "a more uneven near-term market path, which is also typical from a seasonal and midterm election-year perspective."

Lerner also noted that stocks within the S&P 500 are moving less in lockstep than at any point in more than 30 years and that the dispersion is due in part to perceived AI-related winners versus losers along with "the dynamics of a two-speed economy."