Markets may rejoice if GOP get things 'moving' on health bill, Art Cashin says

The market could recover somewhat from its worst day of the year if investors believe the GOP is making progress to pass its health-care bill, Art Cashin told CNBC on Wednesday.

"This is not going to be the final bill by any means. But they want to keep the concept of the bill alive and moving. If they get it through, the market may rejoice somewhat just on the idea that things are moving," the UBS director of floor operations said on "Squawk on the Street."

U.S. equities posted their worst day of the year Tuesday as investors turned their eyes to a key House vote on an Obamacare replacement and markets doubted President Donald Trump's pro-growth policies.

The House is expected to vote Thursday on the Ryan-Trump plan to repeal and replace the Affordable Care Act, though the GOP bill has been met with bipartisan criticism. On Tuesday, Trump warned wavering House Republicans that their jobs were on the line if they failed to back the bill.

Trump's involvement in getting the bill passed will not allow him to point blame at House Speaker Paul Ryan, however, Cashin added.