Stocks (^DJI, ^IXIC, ^GSPC) closed in positive territory on Wednesday, with the S&P 500 achieving its 37th record close. Allspring senior equity portfolio manager Margie Patel, joins to discuss market outlooks.

Patel expresses optimism about the upcoming earnings season, anticipating that revenue and earnings will drive further gains. She describes it as "a continuation of the strengths of particularly the large-cap stocks in the market." Patel expects tech leaders to maintain their outperformance, viewing it as "a long-term trend." However, she also highlights potential opportunities in sectors such as industrials and telecommunications.

Addressing concerns about the possibility of repositioning away from tech-focused stocks like Nvidia (NVDA) and Broadcom (AVGO), Patel states, "The problem is I don't know of another area to redeploy that has such a relatively clear, sustainable growth path to continue to have higher earnings in other sectors. That's why we stick with the tech names, the semi names. They've been fabulous names and I think they'll continue to be very, very good names. There simply aren't other places to go that have that type of growth."

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This post was written by Angel Smith