DoubleLine Capital co-founder Jeffrey Gundlach, widely followed for his investment calls, warned on Monday that the U.S. equity markets face another round of selling pressure.

"The U.S. stock market is in a mode of uncertainty, at best," Gundlach said in a telephone interview with Reuters.

"You don't correct all of this in three days. The market is wounded and it takes time for people to get around to feeling good again."

U.S. stocks staged a stunning recovery on Monday after the S&P 500 and the Nasdaq fell into correction territory, though the three major indexes lost ground in afternoon trading and were all down more 2 percent.

Earlier, the Dow Jones industrial average briefly slumped more than 1,000 points, its biggest point drop ever.

Gundlach, who runs Los Angeles-based DoubleLine Capital, which had $76 billion in assets under management as of June 30, said China's currency devaluation "was kind of the exclamation point of corroborating the fact that global growth is subpar."

The plunge in commodity prices had been signaling a slowdown in global economic growth, led by China, the world's second biggest economy, he said.

Gundlach said he is also concerned about redemptions in risk-asset-based exchange-traded funds and mutual funds such as high-yield "junk" bond ETFs.

Last year, Gundlach correctly predicted that Treasury yields would fall, not rise as many others had forecast, because inflationary pressures were non-existent and technical factors, including aging demographics, were at play.

The DoubleLine Total Return Bond Fund, the firm's largest portfolio by assets, which is run by Gundlach, had net inflows in July of $390.4 million, marking the 18th consecutive month it attracted new money. It has $47.2 billion in assets and invests primarily in mortgage-backed securities.