US Markets

Market strategists: Don't overreact here

Expected correction presents opportunities: Pro

U.S. stocks moved modestly higher in early Tuesday trading, but the opening on Wall Street was nowhere near enough to recover from the 326-point drop in the Dow Jones Industrial Average. After a terrible January, Monday was the worst February start since 1982 for the Dow and since 1933 for the S&P 500.

Weakness on Wall Street Monday sparked a rout in Asia overnight with Japan's Nikkei average falling 4 percent further into a correction, while Hong Kong's Hang Seng index dropped nearly 3 percent, entering correction territory. Stocks in Europe were also mostly lower.

In the face of this recent global selloff, many of the market strategists who appeared on CNBC's "Squawk Box" on Tuesday were hoping that the recent decline will be just a blip on the road to higher stocks.

Develop markets 'feast' on emerging market weakness: Expert

"In the short-term, everybody who is the least bit short is coming out of the woodwork that the end is here," said Richard Bernstein, CEO of the firm that bears his name.

"But the question is, are fundamentals going to be better or worse one year from today? I think in the United States the answer is it's going to better," he said, "which argues that the stock market should be higher one year from today."

Bernstein pointed to improving corporate profits and private-sector GDP growth of more than 5 percent in the fourth quarter.

(Read more: Strong earnings fail to impress jittery market)

Rebecca Patterson, managing director and chief investment officer at Bessemer Trust, told CNBC that expectations for stocks and the economy got ahead of themselves and the recent downturn is a "bit of a readjustment."

"Friday's payroll number will be important. Janet Yellen's first speech will be important," Patterson said. "But I do think this is just a correction in a secular bull market."

U.S. stocks unraveled on Monday after a gauge of factory activity disappointed, heightening concern about the economy.

"If the ISM number was still impacted by bad weather, I suspect the employment number is going to be as well. And so I think it's likely to keep stocks under pressure in the short run," said David Joy, chief market strategist at Ameriprise Financial.

"But I still think the mostly likely outcome here is that the U.S. economy is, in fact, improving and that this pullback is setting us up for a buying opportunity," he said.

(Read more: Marc Faber: Market volatility will continue, here's why)

BNY Mellon Chief Economist Richard Hoey said he believes the economy will grow at 3 percent this year, next year, and in 2016, and that "supports a bull market."

Putting the recent market mess into perspective, he warned: "We had a peculiar market that went a long period of time without a correction. This is a normal market."

UBS CFO 'neutral' on emerging markets

UBS Chief Financial Officer Tom Naratil also voiced optimism.

"In terms of the U.S., we continue to see the U.S. economy in good shape," he told CNBC, after the financial firm reported posted a better-than-expected fourth quarter earnings and increased its dividend.

He did caution that UBS clients are carrying an "extremely high level of cash, about 28 percent globally." But he said he believes that over time investors "make the commitment back into equities."

Naratil said UBS is neutral on emerging market, but "overweight China."

Time out on taper?

But Peter Boockvar, chief market analyst at The Lindsey Group, took a dimmer view.

"Just as in 2013, the 30 percent gain in stocks was driven by the QE," he said. "A reversal of that, we're taking out a lot of that QE fluff. I do expect this to continue if the Fed continues on their path to taper."

"There's no question the economy has grown and corporate profits have grown. I just think the stock market has outpaced that improvement," Boockvar added. "Revenue growth is pretty modest. And profit margins are at record highs. I don't think that's necessarily sustainable."

By CNBC's Matthew J. Belvedere. Follow him on Twitter @Matt_SquawkCNBC.