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Trader: Where to find value in the selloff

Fears of a Chinese slowdown may still be roiling markets, but the global equity selloff is presenting opportunities for investors as U.S. stock valuations begin to look a little less rich, Aureus Asset Management CEO Karen Firestone said Tuesday.

Stock prices were pointing up before the opening bell Wednesday, a day after major U.S. averages fell sharply following disappointing Chinese manufacturing data. The Dow Jones industrial average and S&P 500 closed Tuesday nearly 3 percent to post their worst start to September in 13 years.

However, just five weeks ago, U.S. stocks were trading at roughly 17 times next year's earnings estimates, Firestone told CNBC's "Squawk Box." But they've since fallen to just under 15 times 2016 projections.

"The market gets scared with the higher valuations. We've come down to a level that we think has many attractive stocks that are down over...