The selloff was triggered by a 6.86 percent fall in China's Shanghai composite on Monday, which set off the newly placed circuit breakers, effectively halting trading.
"China doesn't like anything disorderly, and they got a taste of it on the first day of the year, and they tried to calm things down," Boockvar said.
"But China is only part of the picture. China's economy has been slowing for years. China's stock market obviously had its craziness last year, but the underlying context is the Chinese economy has been slowing for years, but it's a wake-up call to the markets that the U.S. economy is slowing down; the global economy is slowing down, and central bankers are losing their effectiveness in propping things up."
U.S. manufacturing contracted in December, the Institute for Supply Management said Monday, while weak Chinese manufacturing data weighed on Asian equities.