US Markets

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Market volatility reigned Thursday, and some watchers expect the uncertainty to stick around through the close and into Friday trading.

The three major U.S. indices shed about 1 percent into Thursday afternoon trading as a bond market selloff continued and concerns about Greece's debt situation festered. With May's nonfarm payrolls data slated for a Friday release as investors look for hints about the Federal Reserve's policy plans, stocks could see a choppy day, said Art Cashin, director of floor operations at UBS.

"We could look for a heck of a lot of volatility tomorrow, maybe even more than on a typical NFP day," he said in a CNBC "Power Lunch" interview Thursday.

Trader on the floor of the New York Stock Exchange.
Brendan McDermid | Reuters

"Global yields across the board going higher" helped drive Thursday's stock drop, said Chad Morganlander, portfolio manager at Stifel. Based on the 's current valuation, sustained weakness moving forward is not out of the question, he noted Thursday.

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"No one should be surprised" about a 5 percent to 10 percent loss for the index, Morganlander added in a "Power Lunch" interview.

Uncertainty will likely linger in Treasury as well as equity markets, added Kenny Polcari, director of floor trading at O'Neil Securities. "We should get used to volatility" as stocks and bonds may need to reprice, he said Thursday on "Power Lunch."

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A selloff in the benchmark U.S. 10-year Treasury note boosted yields to more than eight-month highs in early trading Thursday. Yields later fell, though, in tandem with German Bunds.

If bonds, the Fed and other factors continue to keep investors on edge, stock watchers need to look at "unloved" companies with good fundamentals, added Andy Murray, manager of the 5-star Morningstar Becker Value Fund, in a "Power Lunch" interview Thursday.