Stock market pain could persist well into next month, and investors may want to stay put until they see signs that equities have settled, experts said Monday.
Major U.S. averages all closed about 2 percent or more lower, as the Dow Jones industrial average fell below 16,000 during the session for the first time since Sept. 1. Biotechnology stocks suffered another rough day, leading a 3 percent loss in the Nasdaq.
But with potentially lackluster quarterly earnings looming and global growth concerns lingering, stocks may take another leg down before reaching appealing prices, said John Manley, chief equity strategist at Wells Fargo Funds Management.
"I think you have to watch the earnings. They're not acting well here," he said on CNBC's "Closing Bell." "I'm not in a rush. Let it settle."