The recent stock market gyrations and rising bond yields are reminiscent of another stressful time for investors, strategist David Joy told CNBC on Friday.
"This reminds me an awful lot of 1987," the chief market strategist for Ameriprise Financial said in an interview with "Closing Bell."
While he's certainly not predicting a market crash, Joy said 1987 and the present share a similar economic backdrop.
In 1987, inflation started to rise under a new Federal Reserve chair, who started raising rates in early spring, he said. That caused bond yields to rise, which led to a market correction. While the market stabilized, bond yields rose much higher in the summer, he said. On Oct. 19, 1987, the stock market crashed, with the Dow Jones industrial average falling 23 percent.