Concern over North Korea may be weighing on the stock market, but expert David Katz said it shouldn't have a long-lasting effect.
That's because he believes that ultimately the situation will settle down, he said.
"The last few days is just a reminder that stocks can have volatility, not an indication of a change in direction," the chief investment officer at Matrix Asset Advisors said in an interview with CNBC's "Closing Bell" on Thursday.
However, Katz also sees a rockier path ahead for stocks.
"You've had a great run in the first seven months of the year. We think the market's going to slow down in the back half of the year. We think there's going to be a lot more volatility days like the last few days," he said.
Katz expects growth stocks to decline but believes there will be an opportunity to buy some of the laggards, such as value stocks and high-yield names, he said.