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Fidelity’s ETF conversions include funds focused on large-cap growth, value and core portfolios, as well as mid-cap small-cap, and international stocks.

"Anything that puts interest rate hikes at bay is definitely positive for any small-cap or speculative tech stock," he said.

Murray has increased his allocation to small-cap stocks, which tend to be among the most direct beneficiaries of economic growth.

He added that there are "some small-cap public companies that are going to need to figure out some form of exit strategy to continue to be relevant in the future."

Beneath the surface, however, areas of the market tied to economic sentiment such as transports, semiconductors and small-cap stocks dropped in April, while so-called defensive sectors are outperforming.