Watch Art Cashin: This is scaring stocks today

Cashin says: Selling in cyclical stocks

Art Cashin says this time you can't blame higher bond yields for today's stock market's losses.

Cashin, UBS' director of floor operations at the NYSE, told CNBC's Bob Pisani around midday that Europe is scaring the market.

"Some of the markets in Europe are taking big hits, two percent, the equivalent of 300 points for the Dow, I think that's got (the U.S. stock market) worrying about this global recovery again... A lot of the selling today is in the cyclical stocks so maybe the concern is we can't get the global economy working."