Technology stocks have been left out of this week's Donald Trump rally. The Nasdaq recently fell 0.3% while the S&P 500 is down 0.5%.
"A lot of tech stocks export very heavily," said Brad McMillan, chief investment officer of the Commonwealth Financial Network, referring to Apple (AAPL) as an example of a tech company that sells product abroad. Trade "is an area where there might be some legitimate concerns from a company perspective."
He said there is uncertainty around how Trump and the Republican Congress will deal with trade, especially with Trump's tough stance on trade during the campaign. The uncertainty is going to have an impact on a tech company's supply chains, McMillan said, and may cost companies more to manufacture products and hit margins.
"There's a real vulnerability to some of Mr. Trump's policies," he said.
Apple shares slipped 2.4% this week. In Apple's most recent quarter, almost 57% of its revenue came from outside the Americas, a sign of the company's global prowess.
On the flip side, the financials sector has been the best-performing stock sector this week, rising over 10% as of Thursday's close.
"I think financials have some room to run," McMillan said. "Some of the constraints they have been under are going to be lifted and they are going to have a chance to make more money, do more business and even move back into areas that they had to abandon, potentially."
McMillan said he expects banking regulation to be scaled back now that Republicans control both the Senate and the House of Representatives, which would be a boon to the banking sector.
Plus, the markets are pricing in a 76% chance of a rate hike from the Federal Reserve at its meeting in December, something that is expected to bolster the banking sector's profitability.