U.S. equities began the year on the wrong foot by entering in correction territory, but Jason Pride of Glenmede said Thursday this one is different from others.
"We believe that the Fed, with the backoff in quantitative easing, has been tightening for quite some time, growth has been slowing, and now we have this pickup of possible credit risk on the energy equation seeping over into the rest of the market, and also the difficulties structurally with China and emerging markets gradually slowing down," the firm's director of investment strategy told CNBC's "Squawk Box."
"You put those things together, and I think this is a more balanced picture than other corrections that we've had."
A correction refers to an index decline of at least 10 percent from its 52-week high. As of Thursday morning, the Dow Jones industrial average and the Nasdaq composite were respectively down 10.34 percent and 13.34 percent from their 52-week peaks, while the exited correction territory on Wednesday.
U.S. stocks closed sharply higher on Wednesday, with the Dow and S&P recording their first three-day winning streak of the year, as U.S. crude prices gained about 5.6 percent.
Also on "Squawk Box," Michael Tyler, chief investment officer at Eastern Bank Wealth Management, said he believes equities will be OK toward the end of the year.
"People were getting very upset and concerned [about] whether banks, for example, had really big exposure to high-risk loans in the energy sector. The answer is that they basically don't," he said. "It's a very small piece of their portfolios. Banks have been clobbered; they are down 20-to-30 percent, in many cases, from their highs. That's just not justified by their fundamentals."
The S&P financial sector has fallen more than 10 percent this year, while U.S. oil has fallen over 15 percent.
Pride said the market "did get oversold a near-term basis. If you look at the investor sentiment poll [by the American Association of Individual Investors], if you look at the percentage of stocks below their 200-day moving average, we hit levels that historically the markets recover from."
