With that, concern about earnings has been rising as companies face higher inflation and possibly weakening demand.
"The market is most worried about demand slowing in the U.S. and demand slowing globally," she said.
Analysts have cut their S&P 500 earnings estimates for the third and fourth quarters, and for all of 2022.
"Really up until maybe a month or two ago, we didn't see much in the way of earnings downgrades.
The S&P 500 (.SPX) is down 23% for the year so far, while the Nasdaq is down 31%.