A pair of large-cap technology stocks may determine whether the market can mount a sustainable rally after a dismal April, Wall Street veteran Art Cashin told CNBC on Monday. In an interview on "Squawk on the Street," the UBS director of floor operations highlighted the importance of Amazon and Apple , both of which reported earnings last week. "We're looking at two stocks, in particular: Amazon to see if it resumes that sell-off and No. 2, Apple, which if it gets down to $154 or even worse, to $150, will be a problem," Cashin said. Apple's intraday low this year is $150.10, recorded on March 14, according to FactSet data. Amazon's print Thursday was widely seen as disappointing and caused its stock to plummet 14% Friday . Apple's results were strong , but the iPhone maker warned of challenges in its current quarter. Apple shares fell nearly 3.7% Friday. Amazon shares were down about 3% Monday around noon ET. Meanwhile Apple, the most valuable company in the S & P 500, was down more than 1% to trade around $155 per share. Cashin's comments Monday came on the first trading day of May. It marks the beginning of a seasonally weak period for stocks , with the saying "sell in May and go away" being well-known on Wall Street. Cashin, a roughly 60-year veteran of the NYSE, told CNBC he expects seasonality to be pronounced again this year. "The other thing I would remind you is this is a midterm election [year]. Midterm elections tend to bottom at the end of summer, out around August, so I think this choppiness is going to remain with us," he said.
David A. Grogan | CNBC