Art Cashin: Expect Markets to Head Lower

The euro slid to a four-year low on Monday amid persistent Eurozone sovereign debt worries. How will it affect markets today? Art Cashin, director of floor operations at UBS Financial Services, and Peter Costa, president of Empire Executions and a CNBC market analyst, shared their insights.

“Everyone’s looking wearily to see if the euro is going to come back and bite them again today,” Cashin told CNBC. “There was a fear on Friday that you might be seeing the son of the flash crash, but it didn’t work out.”

Cashin said he expects the markets to head lower going forward.

In the meantime, Costa said he’s cautious about the markets — but not about the economy.

“I do think the economy is picking up, although the Empire State index this morningdidn’t come in very well,” he noted.

“And the Lowe’s numbers this morningput a little damper on the markets as well.”

  • Watch Cashin's Previous Appearance on CNBC (May 14, 2010)
  • Watch Costa's Previous Appearance on CNBC (May 12, 2010)

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Monday's Dow Laggars (as of this writing):

American Express



Bank of America



No immediate information was available for Cashin or Costa.