Increasing headwinds such as dollar strength and volatile oil prices could lead to uncertainty and slower global growth, said Sarat Sethi, managing director at Douglas C. Lane & Associates.
"It's been three years since we've actually had a 10 percent correction," he told CNBC's "Power Lunch" on Friday. "If you have some cash on the side, you are going to get much better opportunities in sectors like retail and industrials."
Stephen Wood, chief market strategist at Russell Investments, also said that a "pullback is something that would be reasonably expected," given that the U.S. markets have been at highs for the past few years.
"Go balance sheet by balance sheet, and income statement by income statement," he said.