More airstikes could cause market selloff: David Darst

 This could cause market selloff: Darst
This could cause market selloff: Darst   

Airstrikes in Yemen and Iraq this week weighed on the market, and independent investment consultant David Darst had a warning for investors if more strikes occur.

"If you get a third use of that word 'airstrikes' somewhere else, that could cause the market to sell off," he said in an interview with CNBC's "Closing Bell."

If that happened, Darst said he'd be a buyer.

U.S. and coalition forces conducted 10 airstrikes against Islamic State fighters in Iraq during a 24-hour period and U.S. forces led six airstrikes in Syria, the U.S. military said Friday. The news came a day after Saudi Arabia and its Gulf allies launched airstrikes against rebels in Yemen.


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Meanwhile, Darst will also be keeping his eye on key economic data next week, including U.S. manufacturing and personal consumption numbers as well as the jobs report.

With the last trading day of the quarter next week, it is possible the S&P 500 could have its first negative quarter in several years.

"I think it would cause people to think the second quarter—will it be as weak as the first quarter?" Darst said.

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That said, he believes consumer confidence and jobs are OK, and Europe is doing a little better.

"All of those things indicate to me that underlying strength is there and this is just a bad patch."

—Reuters contributed to this report