Emerging markets have had a good run — the iShares MSCI Emerging Markets ETF is up 7.5% this month — with sentiment given a lift by China's stimulus and the Federal Reserve’s 50 basis point interest rate cut on Sept. 18. And still the sector remains undervalued and underowned, according to a team of analysts at JPMorgan.

Stocks struggled for direction Monday, though the main indexes notched definitive gains for both the month and quarter. A mid-afternoon speech from Fed Chair Jerome Powell failed to lift sentiment, with all eyes now firmly set on the September jobs report,