Art Cashin says if Friday's nonfarm payrolls number for December comes in stronger than expected, it could send the 10-year U.S. note yield higher and potentially hurt stocks.
The consensus forecast among economists calls for an increase of 197,000 jobs. Cashin, UBS' director of floor operations at the NYSE, told CNBC's Bob Pisani that the 10-year yield "won't have a big move at 200-thousand or below. Two-thirty, two-fifty, something like that then I think it will go above."
Cashin added that he thinks the stock market would "start to pay real attention" if the 10-year yield hits 3.15 percent and "they start to put pressure on the (stock) market" at 3.25 percent.
As he spoke, the 10-year yield was just below three percent.