Stocks clawed back some ground in today's trading session, but it was in the red for the prior two days. It seemed stocks were running out of steam after pricing in too much good news about the economy reopening.
"The markets have just gone a little too far too fast," according to Greg Boutle, head of US equity at BNP Paribas.
"Our view [is] that there is a little bit more risk in equity markets than there has been for a while," Boutle said on the CNN Business digital live show Markets Now.
Expectations were high for corporate America going into the current earnings season. That's a risk for companies that might fall short of analyst predictions.
For the rest of the year, large tech companies are a pocket of the market that is particularly worrisome, Boutle said. The tech sector is at risk of being slammed by higher tax rates and could also wobble if interest rates go up.
These companies, including Google (GOOGL), Amazon (AMZN) and Facebook (FB) carry a lot of weight in the major indexes, so their performance affects the overall stock market performance.