The comments came as the benchmark Nikkei 225 index dipped 7.1 percent in Tuesday afternoon trading, before recovering slightly. The FTSE 100 index of leading British shares was down 1.8 percent, while Germany's DAX was 1.9 percent lower - both indexes are higher than where they started the session.
US futures were broadly lower on Tuesday morning, indicating that the selloff hasn't yet begun to taper. That included a dark day Friday, as the Dow fell an ominous 666 points. But in an example of the bumpy ride Wall Street is on Tuesday, the index quickly gave up some gains was up 341 points at 24,687. On Monday, the drop was only four percent.
The Dow index provides a price-weighted average of 30 stocks that are traded on the New York Stock Exchange (NYSE) and the NASDAQ. The Dow closed down 4.6 percent and turned negative for the year. "We're monitoring the stock market".
He did keep an eye on the market's performance during his congressional testimony Tuesday morning.
A White House official told CNBC Monday there was reason to be "concerned" about the stock market drop.
"We're just not used to it because it's been so long since we've had a significant correction".
Mnuchin said that he was not "overly concerned about the market volatility".
But the underlying economic fundamentals remain strong, cautioned investment strategists.
A bear market happens when stocks decline over a prolonged period, with the same 20 percent threshold.
The wild swings Tuesday marked the third day of volatility in global markets.
With higher wages, inflation is expected to rise, leading to concerns that the central bank could add another interest rate increase to the three expected for 2018.
How are global markets reacting?
The Dow's dramatic fall marks a turnaround from January, when it raced past the 25,000 and 26,000 point milestones in less than a month.
Once the selling accelerated, however, good ol' computer program trading took over, moving the markets even further.
While that loss may seem like a lot, analysts are quick to stress the percentage of the plunge is more important.
After strong downturns at the end of last week, Wall Street started Monday trading session with decreases, as U.S. government bond yields and inflation are accelerating, suggesting that the Federal Reserve will raise interest rates faster than expected.
The Dow was up more than 200 points within the first half-hour of the trading day.