Bob Doll: 50% chance we’ve hit market bottom

There's a chance the bottom's in: Doll
There's a chance the bottom's in: Doll

A day after one of the most volatile trading days in recent Wall Street memory, Bob Doll, chief equity strategist at Nuveen Asset Management, said the market may have found its bottom.

"There is a chance the bottom's in. I'm not going to say it's 100 percent but I can say it's at least 50 [percent]," Doll said in an interview Tuesday with CNBC's "Squawk Box."

On Monday, U.S. equities closed down more than 3.5 percent amid global growth concerns. The Dow Jones industrial average even plunged more than 1,000 points shortly after the open, but ended down less than 600 points.

Doll added this market is following a similar pattern to the one seen in 1987.

Read More Shanghai Comp skids 7.63% to end at 8-month low

"That was classic technical selling. You had the panic low on Monday on the huge volume. You got the turn on Tuesday and we closed up nicely on the day. The rally continued, but then we had the test of the low in December," he said.

Bob Doll
Katie Kramer | CNBC

U.S. stocks opened sharply higher Tuesday, with the S&P 500 rising out of correction territory on an intraday basis.

"If this market correction sustains itself, there'll be more buying opportunities," Scott Sperling, THL Partners co-president, said in another "Squawk Box" interview.

"I would say that, if we continue to look at the U.S. market, it continues to show strength because the consumer is great. I think all the data will continue to point to strength of the consumer for the foreseeable future," he added.

Nevertheless, the recent market swings have also raised questions about whether or not the Federal Reserve would be able to raise interest rates in September for the first time in nearly a decade.

"It is still in play, and it's not so much are they going to do it or not as much as [the] confusion around it," Doll said. "I think if they told us they are going to raise rates or they aren't going to raise rates, either way would be better than [not knowing] what they're going to do."

"When the world is messed up like this, they won't go in September," he said.

Overnight, the fell more than 7 percent, marking a second straight plunge for China's benchmark index and leading the country's central bank to cut interest rates for the fifth time in nine months.

The People's Bank of China said Tuesday said the benchmark rate for a one-year loan will be reduced by 0.25 percentage point to 4.6 percent and the one-year rate for deposits will fall by a similar margin to 1.75 percent.

—The Associated Press contributed to this report.