One stock that could go parabolic if the Fed cuts rates is Upstart ( UPST 7.32%). Upstart's software is an alternative to FICO scores and is used primarily in personal and auto loans, two areas that haven't seen as much demand since interest rates rose.

"From a sentiment perspective, we're one bad macro data point away from a pullback," BMO's Brian Belski told Business Insider.

U.S. stocks are hanging near their records as Wall Street continues to expect bigger-than-usual relief for the economy to arrive Wednesday through a coming cut to interest rates