This week's stock drop not a correction, pros say

Economy is stronger than data show: Expert
Economy is stronger than data show: Expert

The bond market does not appear to setting off major alarm bells, David Joy, chief market strategist of Ameriprise Financial, told CNBC on Friday.

"I'm willing to bet that it's just a mirror image of what's going on in stocks right now, rather than a leading indicator," he said on "Squawk Box," a day after the tanked more than 2 percent, while the 10-year Treasury yield fell to nearly 1 month lows.

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Joy described Thursday's downdraft in the broader stock market as "collateral damage" from localized action in momentum plays "washing out."

"I don't think this is the start of a broader correction," he said, because the economy is better than the 2 percent growth recorded in the first quarter. "I think the second quarter is going to be above 3 [percent]."

One of the reasons it's been difficult to gauge the economy: The weather is still winding its way out of the numbers, Joy argued.

Energy & transports better economic gauge: Expert
Energy & transports better economic gauge: Expert

Dan Veru, chief investment officer at Palisade Capital Management, also thinks the improvement in the economy is being masked.

"Some of the things that gave me cause for optimism: watching energy shares, which did much better relative to the broader market and many in the transport sector, particularly in the rails," he said on CNBC Friday.

Stocks that are tied to the real-economy are better bets than momentum plays, he added.

But Joy cautioned, "It's too early to get clean [economic] data from April yet. So we're in this void where we're focused on what we know is going to be a bad earnings season."

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Steve Sachs, head of capital markets at ProShares Advisors, echoed those sentiments in a separate interview CNBC on Friday. "It's a fairly low bar that we need to get over for this earnings season for both a bottom-line, top-line growth perspective."

"This [recent] rotation out of high beta, high growth into more value-orientated stocks has been some concern over whether or not that top-line revenue growth can take hold," he explained.

By CNBC's Matthew Belvedere