Stocks were mixed after opening higher Thursday, following a handful of positive economic reports. Art Cashin, director of floor operations at UBS Financial Services, discussed his outlook.
Stocks soared more than 2.5 percent in the previous session, after the Institute for Supply Management's monthly manufacturing index came in much better than expected for August.
“ISM was particularly an outlier, having seen all the regional Fed indicies, particularly the Philly Fed—people have been marking down the ISM,” Cashin told CNBC.
“In fact, some people were talking that ISM will be revised in next month’s account [specifically] because it’s an outlier, and doesn’t seem to be fitting in with some of the other data.”
Cashin also said investors should expect to see large stock movements on Friday.
“The first Friday in September has seen many triple-digit moves in the Dow, because non-farm payrolls come out every Friday,” he said. “My gut feeling [on the number] would be down about 110,000. And I lean with the ADP that private job creation is going to be lower than a lot of people expect.”
Scorecard—What He Said:
- Cashin's Previous Appearance on CNBC (Sept. 1, 2010)
More Market Intelligence:
- US Double-Dip Fear May Obscure Global Opportunities
- Kudlow: Why Stocks Look Good Again
- 'Fast Money' Traders: Position for Sept. Bounce?
CNBC Data Pages:
Thurday's Dow Gainers (as of this writing):
No immediate information was available for Cashin or his firm.