Global growth fears may soon loosen their hold on the U.S. stock market, says PNC's Jeff Mills.

"I think, as we move into the second half of the year, this narrative of global growth potentially causing problems here in the U.S. is going to shift to a stabilization of global growth and then more of a focus on things like earnings," Mills told.

Mills, who is co-chief investment strategist at PNC Financial Services Group, wasn't as fazed by last week's yield curve inversion as most of Wall Street was. Instead, he said investors should take the inversion with "a grain of salt," saying it was more of a technically driven move than an outright signal of the U.S. economy hitting the brakes.

Mills also said that the world's most pronounced areas of weakness, like the Chinese market, appear to be bottoming based on his analysis.