"The third quarter is going to be very tough on the earnings front, but fourth quarter could stabilize a bit, and as we push into 2016, we'll begin to see some of the positives from the oil price drop over the last year," Wood said.
This week, investors will keep an eye on the Federal Reserve's two-day policy meeting, which ends Wednesday.
"We think that the Fed is probably going to do nothing this week. The December meeting for a rate hike I still think is a live meeting," Wood said.
Joe LaVorgna, chief U.S. economist at Deutsche Bank Securities, said Monday he agrees that the central bank will not move Wednesday.
"They're going to mark down the growth outlook. They have to. GDP is a one-handle, and yes, it's in inventories and net exports, but you can't talk about the economy even growing moderately when you're growing under 2 percent," he said.
LaVorgna also said a dovish statement from the central bank would push the possibility of a December rate hike to less than 15 percent.
The Fed kept interest rates at nearly zero percent at its last meeting, citing a number of factors including global growth concerns.
"Globally, things have not looked good for a while. If you look around, Latin America has been problematic and Europe's been that way for a while. I think what you're seeing here is a continuation of this rather sluggish 2.1 percent [growth]," John Taylor, senior fellow in economics at the Hoover Institution, said in another "Squawk on the Street" interview.
Correction: Stephen Wood is chief market strategist at Russell Investments. An earlier version misspelled his first name.