drought and Magnolia

It has been 90s all week and will be all next week, possible rain tomorrow, but there just hasn't been enough. We had a very difficult dry spell early on from which I think I am now seeing the results on my once beautiful Leonard Messel Magnolia. (15 yrs old, about 15-20 ft tall)
A month ago I thought I had a dying limb and cut it off, which actually enhanced its structure so I didn't worry. But now it has dropped nearly all its leaves. However, it is developing next year's flower buds. It is in full sun and had been underplanted with thick ivy which I removed in March.
Do you suppose this is just a reaction to lack of water? and that it will bounce back next year? Any thoughts? 

Kitty
neIN, Zone 5 
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