The stock market got off to a better start in October, after ending the previous month in a sea of red. The three major US indexes all posted their second straight day of gains on Tuesday, with the S&P 500 posting its best two-day gain in about two years, while the Dow Jones Industrial Average and Nasdaq Composite rose more than 3%. Market veteran Phil Blancato believes the market is now entering a “turnaround week”, and investors should seize the opportunity to “jump into the market”. “I think the second week of October, traditionally the best week of the year, will be a rallying point towards the US midterm elections,” Blancato told CNBC’s ‘Squawk Box Asia’. on Tuesday. and the CEO of Ladenburg Thalmann Asset Management, which has more than $4 billion in assets under management, said investors will get a “pretty good idea” when inflation rises, because of the CPI data. expected to be announced on October 13. He also said. It is “inevitable” that the Federal Reserve will not want to be “aggressive” in an election cycle. “When you see the stock trading at multiples below the historical average and you know third-quarter earnings and growth are likely going to be strong enough to support current valuations. I think today’s investors investors have finally realized that stocks are less expensive and that’s an opportunity to enter the market,” Blancato said. “Be patient. We could end this year a lot closer to -5.[%] then -25[%]”, he added. The S&P 500 is currently trading down about 23% year-over-year, while the Dow Jones is down more than 19%. Owning the ‘big names’ Blancato believes investors “don’t have” There’s no other option “but to attract “great names you want to own.” One such stock is Microsoft, which he believes will benefit from more than $900 billion in total spending in the region. America this year.” [this money] will move to a company like Microsoft because they are in the commercial and retail business. Blancato says that when these two come together at a time like this, it will actually drive more sales and you’ll end up buying it at a pretty reasonable price. “The online platform currently has 65 million members and is growing 11% year-on-year, according to Blancato. He expects the company to benefit as it enters a period of prolific growth for merchandise, with Costco positioned to be positioned.” good all-day product-day and more premium offerings.Although Costco has a current dividend yield of just 0.8%, according to FactSet data, the company has a track record of returning cash to businesses. It paid special dividends of $7, $5, $7 and $10/share respectively in 2012, 2015, 2017 and 2020. Read more Shares were crushed in September. This is what’s coming next, according to Wall Street experts Should investors flee stocks?Want to move short-term defense with up to 5% profit?Buy this fund, “Now you have a strong barrier between the two,” said the strategist. You get a big dividend, you’ll be able to play the tech rally happening to some extent with Microsoft, but also with consumer spending on staples and discretion. determined. That’s how you play this market. Paid to wait,” he said. Although Blancato likes Apple, he has yet to add to his position. He said there is still uncertainty about the success of the new iPhone 14, while the products are The company’s products are yet to be distributed in China, but he acknowledged Apple’s ability to “reinnovate continuously,” while the company is also entering a strong seasonal period where it can bring came up with “some really impressive numbers.” “It’s a company that could easily get $170 back if we got that demonstration. So if you don’t own it, I would say as an entry point here – trade $136, $138, if you can hit that low enough,” he said.