Art Cashin says stocks are selling off today as the yield on the U.S. 10-year note continues to rise following good economic dataon jobless claims and inflation released this morning.
He also says traders are wondering if American consumers are in the "witness protection program" after Wal-Mart's warning today. "We can't find them anywhere."
Cashin, the UBS Director of Floor Operations at the NYSE, told CNBC's Bob Pisani at midday that the market could hold on, however, if the 10-year yield stays below 2.8 percent.
"Keep your eye on that 10-year yield, folks. That could be the leader."
