U.S. stocks plunged Friday, led by a drop in oil prices and a sell-off in Chinese stocks.

"I think the macro concerns about China and oil, while real, remain too emotional and overheated," said Zachary Karabell, head of global strategy at Envestnet.

"Yes, it is a complicated, shifting picture, and yes the entire global commodity complex is being reset lower. But remember, oil is not going to zero and the Chinese consumer ain't dead," he said.

The Dow Jones industrial average briefly fell more than 529 points in afternoon trade, while the 10 year Treasury yield dropped below two percent.

U.S. crude plunged six percent to $29.13 a barrel on fresh oversupply concerns.

The Shanghai composite fell 3.5 percent.

"I do not accept the thesis we are entering a long, cold period of pain," said Karabell. "Revenues are actually decent, as evidence by JP Morgan Chase, Wells Fargo and Intel."

Karabell points to Alibaba and Nike as favorable names.

"They both have positive exposure to the Chinese consumer," he said.

Karabell manages over $100 million dollars across several asset allocation portfolios that use third party managers.