It's too early to call a bottom for the stock market because there's more pain coming for regional banks, BlackRock strategist says

• The banking crisis hasn't fully played out so it's too soon to call a market bottom, a BlackRock strategist said.
• In particular, there's "more pain" headed towards smaller banks, Gargi Chaudhuri told Bloomberg TV.
• She added that looming regulatory changes for the banking system would likely impact stock prices.

It's too soon to call a bottom in the stock market as the chaos in the global banking sector continues to unfold, according to Gargi Chaudhuri, BlackRock's head of iShares investment strategy Americas.

In the past two weeks, markets have been hit with the failure of a slew of specialists banks such as Silicon Valley Bank and Signature Bank, whose deposits had to be fully backstopped by the government. Overseas, UBS agreed to takeover Credit Suisse amid concerns over the Swiss lender's health.