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The third-quarter earnings season has kicked off, but while initial results may be underwhelming, S&P's Sam Stovall says investors may want to watch the battered sectors more closely.

Treasury yields have fallen below S&P 500 dividend yields, which occurs rarer than a Blue Moon. S&P's Stovall says historically, stocks have moved significantly higher 12 months later.

The stock market typically experiences a September slump, but with last month's steep drop, volatile trading and bull run, investors shouldn't be surprised to see a break from the norm this year.