Stocks are entering a corrective phase and levels of high volatility are likely ahead, Bob Doll, Vice Chairman and Global Chief Investment Officer of Equities at BlackRock, told CNBC.
"The market looks to me like it's a bit tired...so we might take a pause after a sort of 40 percent run up, I don't think that would be out of the ordinary at all. I still believe we'll end the year higher that where we are, but maybe we’ll take a pause first," BalckRock's Doll told "Squawk Box."
It is "extremely unlikely" that prices will retreat to their March lows, he added.
US stock index futures fell Monday morning, while in Europe major indexes were down between 1.5 percent and 2 percent, with worries over the length and shape of the recession resurfacing.