Veteran trader Art Cashin told CNBC on Friday that the October jobs report might not be what's moving markets after all.
Though the stock market initially rallied on the October jobs data released early Friday, Wall Street seemed unenthused as the day went on and stocks were little moved.
"I think the markets were a little bit overbought. ... The jobs report was marginally disappointing. The whisper numbers were a little bit higher," Cashin, director of floor operations at the New York Stock Exchange for UBS, said on "Squawk Alley."