US Markets

Art Cashin: Here's what sent stocks lower

Back on track after the NYSE halt: Pro
No panicked client calls: Pro
Lack of volume at NYSE: Pro
Market in pullback mode: Pro

U.S. stocks closed lower Wednesday, but it had little to do with the halt in trading at the New York Stock Exchange, veteran trader Art Cashin said.

He pinned the decline on mostly spillover from China, where the Shanghai Composite closed nearly 6 percent lower. The index has nosedived more than 30 percent from its mid-June peak.

However, Cashin said it's about more than just Chinese stocks.

"It's not so much that everybody's totally invested in China. What's happened in China, aside from their stock market, is the influence they've had on commodities, sending cooper and iron ore and a variety of other things much, much lower. So that's required people to draw down liquidity elsewhere," the floor director of UBS said in an interview with CNBC's "Closing Bell" Wednesday.

Concern over Greece's debt crisis was also a small factor—about 10 percent—in the U.S. market decline, he added. Stocks closed more than 1 percent lower Wednesday, with the Dow Jones industrial average down more than 260 points.

The New York Stock Exchange reopened about 50 minutes before the close, after trading was halted for more than three and a half hours because of a technical issue.

Read More Why it took so long for the NYSE to reopen

David Scranton, CEO of Sound Income Strategies, said he didn't get panicked calls from clients about the glitch.

"With all the volatility going on between the Greece news and the news in Puerto Rico and China and everything, investors probably welcomed a little break … when they didn't have to worry about the downtick."

When it comes to looking for buying opportunities, Matthew Cheslock, a trader with Virtu Financial, said he'd be a contrarian and think about China.

"You get 32 percent drop over the last 12 days, that's somewhere you want to get interested at least. Start taking a real look at it," Cheslock told "Closing Bell."

Read More The real bubble behind China's selloff

Technician Katie Stockton said she sees signs of a bottom in China.

"Despite the magnitude of that correction, the markets there are still very much in a long-term uptrend based on where we had been before," the chief technical strategist for BTIG said.

"I wouldn't say rush out and buy China but certainly I would look for momentum to improve in the weeks ahead."

As for the U.S. market, Stockton said it is in pullback mode.

—CNBC's See Kit Tang contributed to this report.