U.S. stock futures spiraled lower Friday morning after Chinese markets sold off once again, but strategist Bob Doll said a bear market is not necessarily in the cards.
"I do not think we'll enter bear market territory, assuming that's defined as 20 percent (decline), but needless to say the only way we can avoid that is if the price of oil stops going down and the dollar stops going up, because those two things were the cause of the decline in earnings expectations all year last year," Nuveen Asset Management's chief equity strategist told CNBC's "Worldwide Exchange."
Crude futures sank more than 5 percent Friday to dip back below $30 per barrel, a level many viewed as improbable just months ago. Unless oil prices recover, fears about credit issues will take hold, said Doll.
The energy industry is estimated to account for about 15 to 20 percent of the high-yield debt market, which has raised fears that a string of defaults could spark contagion.