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Investors believe the fears about the slowing economy are overblown and market is overreacting

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Many expect the pullback could soon represent a buying opportunity.

It's been a rough few days on Wall Street. Stocks tumbled to start the week after a disappointing July jobs report on Friday sparked fears of an incoming recession, a concern that worsened over the weekend amid a global market sell-off. Japan stocks are in a confirmed bear market, with the Nikkei plunging 12.4% and posting its worst day since Black Monday of 1987.

"We don't see an earnings recession, we don't see an economic recession," said Sam Stovall, chief investment strategist at CFRA Research. "But we do see the need for valuations to be brought back in line with historical averages." Stovall noted the S & P 500, which is currently trading at 20.9 times forward earnings, has fallen somewhat after trading at 22 times earlier this year. However, that's still above the 20-year historical average of around 16.5.

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