A lot of investors expected market to retest lows: RBC's Lori Calvasina

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Lori Calvasina of RBC Capital Markets and Dan Suzuki of Richard Bernstein Advisors join "Squawk on the Street" to discuss the markets as stocks trade lower. Stocks fell sharply on Wednesday as dismal economic data and weak bank earnings fueled concerns over the coronavirus’s impact on the U.S. economy. The Dow Jones Industrial Average dropped 640 points, or 2.7%. The S&P 500 slid 2.8% while the Nasdaq Composite traded 2% lower. Bank of America traded more than 5% lower on the back of disappointing earnings. Citigroup fell more than 4%. Energy and financials were the worst-performing sectors in the S&P 500, dropping more than 4% each. “If this is a precursor to what we can expect throughout the U.S. ... there’s no word for it,” said Quincy Krosby, chief market strategist at Prudential Financial. “The reflects the complete shutdown of the economy.” “The question is how quickly can the economy come back,” said Krosby, noting the market did gallop higher in recent weeks and was due for some consolidation. Retail sales during the month of March plunged a record 8.7%, according to a report from the Commerce Department published Wednesday. That was the largest one-month decline since the department began tracking the series in 1992. Grocery stores, pharmacies and other retailers of essential goods saw a surge in demand last month amid the outbreak, the government said. But sales at a variety of other businesses — such as gas stations, auto dealerships, and restaurants — swooned as state governments shuttered commerce in an effort to slow the virus.