Lori Calvasina, head of U.S. equity strategy at RBC Capital Markets, said the S&P 500 could experience a short-term pullback of 5%-10%, with the index falling back to the 7,000-7,400 point range.

She noted that the large-cap index has already declined 2% from its October 22 high.

Calvasina added that RBC is keeping its 12-month target for the S&P 500 unchanged at 8,150 points.

The firm maintains an overweight rating on the financials and healthcare sectors, while taking a wait-and-see stance on the technology sector.