Investors looking for U.S. equities to bottom out could be in for a long wait, Wells Fargo Securities' Gina Martin Adams said Wednesday.
"Three fundamental factors need to change," the firm's institutional equity strategist said in a CNBC "Power Lunch" interview. "It seems to be very clear that China and emerging markets, commodity prices and the Fed are all holding the market hostage at this point."
Adams added that U.S. stocks need better data coming from emerging markets, as well as the start of a bottom formation in Chinese equities and "a little bit of a recovery in the fall and winter months."
Chinese stocks have been taken for a ride recently, as worries over a slowdown in the country's economy have dragged down investors' sentiment.
Shanghai composite in last 6 months
The second factor in finding a bottom in U.S. equities lies in the commodity complex, Adams said.
"We need to see commodity prices bottom. Let's not forget, that's where this all started last summer. Commodity price weakness led to earnings weakness on the index and that has continued over this summer," she said.