Plunging commodities and a stronger U.S. dollar's drag on earnings held stocks down this week, and investors may want to look elsewhere if the trends continue, independent investment consultant David Darst said Friday.
The major averages slipped more than 2 percent this week, as the Dow Jones industrial average fell nearly 3 percent. Investors overlooked some strong economic data, including jobless claims and existing home sales, as commodities and currency drove selling this week, Darst noted.
"I think the markets are willing to overlook and they're downplaying lead economic indicators being strong this month," he said in a CNBC "Closing Bell" interview.
Read MoreStocks plunge more than 2% for week on earnings, global growth concerns
U.S. crude oil has shed about 17 percent this year and nearly 50 percent in the last 12 months. Spot gold has also slipped about 7 percent this year.
"You can't discount the fact that commodities across the world are getting crushed," said Guy Adami, chief market strategist at Private Advisor Group and a CNBC "Fast Money" trader, on Friday.
Read MoreCommodities selloff: What it means for Fed rate hike
That weakness could stick around and continue to weigh on U.S. stocks, Darst added. With uncertainty, he looked to investing in Europe and Japan, which have climbed despite commodities concerns.
Japan's Nikkei, for instance, has risen 17 percent this year.