Art Cashin, UBS director of floor operations at the NYSE, said stocks are selling off due to a pretty bad backdrop.
He pointed to concerns about ISIS and Ebola, the breakup of the AbbVie-Shire deal and weakness in Greece as dragging down major averages.
"We were set up for a negative opening anyway," Cashin said. "Then at 8:30 [a.m. EDT], we got absolutely dreadful economic data and that kind of compounded everything." Retail sales, producer prices and New York manufacturing reports all disappointed.