A worker is seen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., February 28, 2020.

Despite taking a beating last week as cases of the new coronavirus spread rapidly around the world, U.S. markets have yet to price in a full-scale pandemic and subsequent recession, a U.S. equity manager told CNBC Tuesday.

The Dow was resurgent on Monday, soaring 5.1% to post its largest daily percentage gain since March 2009, on the back of investor hopes for policy action by the U.S. Federal Reserve and other central banks around the world.

Speaking to CNBC's "Squawk Box Europe," Columbia Threadneedle EMEA Head of U.S. Equities Nadia Grant said that despite the volatility, her team had not yet seen enough to make any strategic plays on cheaper stocks.

She said the market is pricing in 0% earnings growth for 2020, "rightly so", with a return to around 8% in 2021.

"That's what the market is pricing in, that's what our base case scenario also is. But I do not think the markets are washed; I do not think markets have panicked, and so in terms of finding great ideas, we haven't had enough of a sell-off for that," Grant said.