Stocks could break below August lows: Experts

Markets re-calibrating, S&P 500 to bottom at 1850: Pro

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.

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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."

Traders work on the floor of the New York Stock Exchange.
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The ended Monday at 1,881.77, its lowest close since Aug. 25. While the index could slip through 1,850, it will likely reach a floor near there and offer buying opportunities, said Peter Costa, president of Empire executions and a New York Stock Exchange governor.

"I think that's going to be the bottom for this phase," Costa said on "Closing Bell."

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While agreeing that the S&P may break through 1,850, Virtu Financial trader Matt Cheslock added that it could mount a stark reversal after that.

Though sustained low prices could lead to brutal energy earnings, most sectors will not suffer as much, added Sam Stovall, chief equity strategist at S&P Capital IQ.

"Things actually look pretty healthy under the surface," he said on "Closing Bell."