Cashin: Markets looking toward Trump's Cabinet picks, first official moves

The market will be looking for signals from President-elect Donald Trump on White House Cabinet choices and his first official moves as chief, according to UBS Director of Floor Operations Art Cashin.

"What's going to be essential here is how quickly he begins to send out signals," Cashin said on CNBC's "Squawk on the Street" on Wednesday. "Who does he pick for his Cabinet? What does he want to discuss about the repatriation of the money that's offshore?"

Cashin said he would like to see Trump choose Cabinet members with strong credibility and visible qualifications. Cashin believes the market will relax if Trump chooses wisely.

"I'd like someone that not only give me some relaxation, but [has] enough credibility that foreign powers would say, 'That's a pretty good choice," Cashin said.

Trump's election victory over competitor Hillary Clinton rattled Wall Street on Wednesday, as financial markets had originally priced in a win for the former secretary of state. U.S. equities traded mixed on Wednesday following the win. Metal and mining stocks rose on Wednesday as some analysts predict the industry could benefit in part from increased spending on infrastructure in a Trump presidency.

Cashin said the president-elect will also be watched on how he handles relations with Vladimir Putin after the Russian president sent a formal congratulations to Trump on his victory. Trump had been criticized previously for his seemingly fond view of the Russian leader. "That may be the beginning of maybe a little test he is going to give the new president-elect," Cashin said.

Cashin also said to wait to see if Fed Chair Janet Yellen decides to resign due the incoming leader who was critical of her.

"Incoming presidents haven't been critical of past Fed chairman," he said. "This is a little bit different here."