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Markets can tune out Fed, China for now: Expert

Worries about Federal Reserve policy and the Chinese economy have taken the backseat for now, giving stocks some room to climb, one expert said Wednesday.

"I certainly think you get a smoother glide path to the upside," Art Hogan, chief market strategist at Wunderlich Securities, told CNBC's "Power Lunch."

Amid lagging inflation and global worries, many market watchers have pushed back their expectations for a Fed interest rate hike to early next year or later. Hogan added that economic data from China have "stabilized" after slowing growth spooked investors for much of the year.

Traders work on the floor of the New York Stock Exchange.
Brendan McDermid | Reuters
Traders work on the floor of the New York Stock Exchange.

Still, major U.S. indexes have been mostly flat this week as investors digest a string of corporate earnings.

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A relative stabilization in crude oil prices could help to pull stocks out of that funk, said Gina Martin Adams of Wells Fargo Securities.

"Any stability of oil prices is going to be supportive" of oil stocks and help broader markets, she said on "Power Lunch."

However, WTI crude prices slid for the third-consecutive session Wednesday.

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