Cashin: Don't read too much into Donald Trump's election defiance

Donald Trump's refusal to say whether or not he would accept the results of the upcoming general election shouldn't be of too much concern, Art Cashin said Thursday.

UBS' director of floor operations at the New York Stock Exchange told CNBC he doubts the media's interpretation that Trump will stoke an "insurrection" if he doesn't win the election.

"What the media is thrown by is they think [Trump] may come out pounding the table and leading to an almost insurrection kind thing," Cashin said Thursday on "Squawk on the Street." "I doubt it'll go quite that far."

The Republican nominee at the presidential debate Wednesday night declined to promise that he would accept the results of the election. When asked by moderator Chris Wallace if he would commit to accepting the results, Trump responded, "I will look at it at the time."

Trump's comment contradicts his previous statements and his running mate, Mike Pence, who said they would both accept the election results.

Some commentators have raised concerns that Trump's comments are "antithetical" to a democracy.

Instead, Cashin said viewers should pay close attention to the Alfred E. Smith Memorial Foundation Dinner on Thursday night, where Trump and Hillary Clinton are expected to speak.

"That is a big opportunity for a potential gaffe, because you're supposed to be a little light-handed, poking fun at your opponent, at yourself. Somebody goes a little too far ... that may make headlines tomorrow," he said.

Cashin also commented on the stock market, saying if a Democratic sweep should happen, expect to see pharmaceuticals and big banks under pressure. He said as of now the consensus is gridlock.

"I think they're assuming that you're going to get a Clinton victory, and yet gridlock. And thereby nobody does much of anything," he said.

— CNBC's Christine Wang contributed to this report.