Stock market outlook: 'It's going to be really challenging'

Federal Reserve Chair Jerome Powell spoke at a conference Wednesday morning, celebrating 100 years of the Fed's Division of Research and Statistics. While he made no comment on the status of the economy or monetary policy, the Dow Jones Industrial Average (^DJI) still rose after his speech. Investors have been closely eyeing any and all comments from the central bank to get a better insight as to future movement in the economy, as fears of a recession still loom. Girard CIO Tim Chubb joins Yahoo Finance to discuss the market and what investors should consider for their portfolios. "Looking at fixed income at particular, much more attractive and relative terms into equities which look expensive and absolute in relative terms," Chubb explains. "Avoiding some more of those cyclical areas of the market, we really prefer more of a barbelled approach right now, having that late-cycle environment type of positioning, focus on defensive growth as well as some of those late-cycle cyclicals that are also levers for the more cyclical thematic long-term opportunities." For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.