The day’s earnings disappointments aside, he said, technology earnings later this week could be upbeat.
Microsoft, Intel and Alphabet all are due to report this week.
The Dow Jones Industrial Average fell 125.98 points, or 0.5 percent, to 25,191.43, the S&P 500 lost 15.19 points, or 0.55 percent, to 2,740.69 and the Nasdaq Composite dropped 31.09 points, or 0.42 percent, to 7,437.54.
The S&P 500 has declined for five straight sessions and is now down 6.5 percent from its record closing high on Sept. 20.
The Nasdaq again flirted with correction territory, falling more than 10 percent from its Aug. 29 record closing high before paring losses to end off those levels.
Earnings from S&P 500 companies are expected to have increased about 22 percent in the third quarter from a year ago, though 2018 is seen as a peak for the profit cycle, according to I/B/E/S data from Refinitiv.
Among gainers, McDonald’s rose 6.3 percent after it beat estimates for quarterly same-store sales on strong demand in international markets, while Verizon rallied 4.1 percent after it beat estimates for profit and net new phone subscribers.
Declining issues outnumbered advancing ones on the NYSE by a 2.44-to-1 ratio; on Nasdaq, a 2.13-to-1 ratio favored decliners.
The S&P 500 posted three new 52-week highs and 86 new lows; the Nasdaq Composite recorded nine new highs and 382 new lows.
About 9.1 billion shares changed hands on US exchanges. That compares with the 7.9 billion daily average for the past 20 trading days, according to Thomson Reuters data.