STORY: Wall Street fell on Thursday as stocks were unable to hold their gains after comments from Federal Reserve Bank of Philadelphia President Patrick Harker bolstered concerns about the Fed hiking rates and potentially tilting the economy into a recession.

"There is probably about 30-40% of [the Russell 3000] which basically can only service their debt," said Kim. "Any more pressure on earnings, on revenues or certainly any more increasing costs of their existing debt pushes them over into the other side."