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Earnings season is upon us — here's what's next

Earnings season creates short-term excitement about market movement, but JP Morgan's Steven Parker is looking forward to long-term improvement in some of the worst-performing sectors, like emerging markets.

"As we've seen the stabilization in commodity markets, as we've seen stabilization in the dollar, I think that sets you up for a much more productive outlook for both emerging market growth and for emerging market earnings," Parker told CNBC's "Squawk Box" on Tuesday.

Parker, head of JP Morgan Private Bank's Thematic Equity Solutions division, said his team is also increasing their exposure in health care, which has also seen poor performance this year.

In a separate interview, UBS' Drew Matus said it may be time for the Federal Reserve to enact a long-awaited rate hike.

"If you want to lower savings and boost growth, you actually raise interest rates a little bit," said Matus, deputy chief United States economist at UBS.

Matus also told CNBC that low, stagnant growth does not necessarily indicate an oncoming recession. He said one of most frequent questions he gets from clients is where in the economic cycle is the U.S. economy and how close the country is to a recession.

Matus' take: "We've got low growth but it's very stable growth, and so we are nowhere close to a recession at this point."