Market analyst Sam Stovall sees ‘at least one more’ big stock drop this year

The stock market could see at least one more big fall this year, after the S&P 500’s more than 10 percent retreat in early February, veteran strategist Sam Stovall told CNBC on Wednesday.

“We need to go down a bit more,” Stovall, chief investment strategist at CRFA, said on “Squawk Alley.” “If we do end up getting back to break even before going deeper than the 10.2 percent decline, I think we have at least one more of these kind of declines this year.”

“Forty percent of all declines of 5 percent or more in one year were followed up by more than one later in that year,” he added.