One analyst believes that the market is too skittish and sees a buying opportunity in the financials, which is the worst performing sector in the S&P year-to-date, down more than 15 percent according to FactSet.
Drexel Hamilton bank analyst David Hilder told CNBC's "Squawk on the Street" that the market should not draw comparisons between the U.S. and European banks.
"European banks are in much worse shape. Their commercial nonperforming loans are 10 times what you see in the U.S. banks. Overall, nonperforming assets in Europe are five times what you see in the U.S.," Hilder said.