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The sector with a silver lining for the fourth quarter?

Billionaire investor Carl Ichan recently gave vocal warnings that the "joy ride is over for stocks." But other experts say the reality going into the fourth quarter of 2015 is more nuanced.

While policymakers such as the Federal Reserve and Congress have hammered the financial and biotechnology sectors, the market outlook into 2016 relies on modestly higher earnings, Richard Madigan, chief investment officer for J.P. Morgan Private Bank, told CNBC's "Power Lunch."

"We have not given up on health care," said Madigan, who told CNBC the rough quarter for health care was "politically motivated and headline driven, not earnings driven or M&A driven. With structural stuff we see going on with quality pharma, with strong pipelines and strong with dividend pays, we still feel good about that [sector]."

The biotech sector has been steeped in controversy surrounding large price hikes for pharmaceuticals. iShares Nasdaq Biotechnology ETF rebounded almost 5 percent Wednesday after falling more than 20 percent off 52-week highs earlier in the week.

But Susan Fulton, FBB Capital Partners president, told CNBC that there are still companies in the health-care field that are not attached to the global slowdown.

"We are not into biotechs right now. ... We are very much into drug distributors," Fulton said. "Companies like McKesson, who are part of the supply chain, they don't have any of the ethical or competitive issues that are causing that sector to have problems. We like the sector, we don't like the problems."

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Robert Pavlik, Boston Private Wealth chief market strategist, agreed that health care, technology and consumer discretionary stocks would continue to benefit from earnings' "falling in to place." But he's also watching for a promising employment report and an October interest rate hike from the Federal Reserve to boost financial sector stocks.

Madigan, on the other hand, said he recently cut financials. The iShares U.S. Financial Services ETF closed up 1.35 percent Wednesday, but was still down almost 7 percent year-to-date.

"That's really a function of the Fed letting us down ... letting me down in September," Madigan said. "Markets were primed to rally, the Fed made people question growth, and that's smart from an optionality perspective for them, but we're going to have to work through that."

Though stocks closed around 1.5 percent higher Wednesday, they still posted the worst quarter in four years.

"Today is a pretty key day," Pavlik said. "You need to watch the market and see where it closes."

—CNBC's Evelyn Cheng contributed to this report.