With the 10-year Treasury yield peaking at 5% on Thursday, compounded by Federal Reserve Chair Jerome Powell's comments on higher for longer interest rates, investors are unsure where to park investments during a turbulent market.

Oppenheimer Asset Management Chief Investment Strategist John Stoltzfus joins Yahoo Finance to break down how the markets are reacting to historic peaks in interest rates and bond yields, as well as offer insight to what investors should keep in mind during these developments.

"We also think you need to be in the industrial sector, industrials today are not just a lot of machinery but a lot of technology, whether its in energy generation, in aerospace commercial and defense, or as it relates to retail establishments and eCommerce," Stoltzfus says.

He additionally affirms his belief in American consumers continuing to be robust in their spending: "We don't believe in betting against the American consumer. I've been in this business for 40 years and the American consumer spends like a sailor on leave... during good times and during tight times... they still shop."

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Click here to watch the full interview on the Yahoo Finance YouTube page or you can watch this full episode of Yahoo Finance Live here.

Video Transcript

SEANA SMITH: So John more specifically, though, how should investors then be looking at specific investment opportunities? When they're trying to strategize right now, navigate this fact that the yield is right around 5% levels, where are you seeing that opportunity within equities?

JOHN STOLTZFUS: Well, we'd say the opportunities remain in technology profitable companies with positive cash flow that are deeply embedded in the lives of both the consumers and business. We also think that you need to be in the industrial sector. Industrials today are not just a lot of machinery, but a lot of technology, whether it's in energy generation, whether it is in aerospace commercial and defense, or as it relates to retail establishments and e-commerce. Very important, the element of technology getting the goods delivered or the services presented to clients.

BRAD SMITH: John, we just got some earnings out from American Express this morning, and gives us a little bit more inclination or at least some more information, I should say, about the inclination for customers to spend by just tapping into credit where they can. But then that also raises the interest of the conversation around delinquencies, or just being able to continue to deploy cash. What would you describe the consumer as right now, especially considering the fact that they have been hearing about recession talk for the better part of a year at this point?