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Bull market just taking a breather: Andrew Slimmon

Andrew Slimmon of Morgan Stanley Wealth Management has a simple message for U.S. investors: The bull market is not over.

"I haven't seen the real deterioration in fundamentals," the firm's head of applied equity advisors told CNBC's "Power Lunch" on Tuesday. "Companies are still delivering pretty good numbers."

Slimmon added he expects the market to make a comeback during the fourth quarter, lifted by company earnings reports.

"What happens in the fourth quarter is we get back to fundamentals ... and we focus on what the companies are doing on earnings, and that's where the best opportunities are," he said.

Not everyone, however, shares Slimmon's bullish sentiment.

"We actually think this might the first year in a while when we have a significant negative print on stocks," Lori Heinel, chief portfolio strategist at State Street Global Advisors, said in the same interview.

U.S. equities have been on a roller-coaster ride recently as global growth concerns shake investors' confidence. In fact, all three major indexes have dropped more than 8 percent this quarter, while the Dow Jones industrial average has shed about 10 percent in 2015.

Another issue concerning the markets has been the Federal Reserve and whether or not they're going to raise interest rates for the first time in nearly a decade.

"Our view is that they should raise rates, and we do think that they are going to raise this year," Heinel said. "In a perverse way, that will signal that things are not as dire as a lot of people fear."

This week has already featured a slew of Fed officials sharing their thoughts on monetary policy, including Chicago Fed President Charles Evans, San Francisco Fed President John Williams and New York Fed President Bill Dudley.

In his remarks, Dudley said the central bank will likely raise rates later this year, while Williams cited near-full employment in his argument for a 2015 hike.

Evans, on the other hand, argued that the best time to raise rates would be in the middle of next year.