Don't expect Fed pivot if stocks plunge again -CIO

STORY: The S&P 500 and Nasdaq rose on Friday, extending a rally started the day before after a soft inflation reading raised hopes the Federal Reserve would get less aggressive with U.S. interest rate hikes.

"Even if this rally that we've just had peters out and we actually finish the year down - let's just say - 20-25%, that's not going to cause the Fed to pivot," said Nicholson.