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Shares of semiconductor company Micron Technology (MU) slide in pre-market trading, contributing to the ongoing sell-off in tech stocks that has now brought the S&P 500 technology sector into official correction territory. Investors were disappointed in Micron's fourth-quarter earnings reported yesterday after the close despite beating revenue estimates and narrowing losses in adjusted earnings per share.

While the technology sector faces challenges, Michael Arone, Chief Investment Strategist for State Street Global Advisors' U.S. SPDR Business, sees opportunities for investors in the energy sector amid rising oil prices, though it might not be beneficial to the consumer.

"I don't think [oil] is a market catalyst — on one hand, I think it's great for energy companies, energy service companies, and the like, which is why we like it from an investment standpoint," Arone tells Yahoo Finance, adding the caveat: "I think that really has a negative impact on consumer spending potentially on businesses... I do think that that poses a challenge going forward for the economy

For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.