January’s stronger-than-expected charges report was unhelpful to an already worried stock market, closely heeded trader Art Cashin told CNBC on Friday.
Wages saw their biggest pounce since the end of the Great Recession in the Labor Department’s Friday report, sending relaxation rates higher and thus impeding stocks.
Cashin, UBS director of beat operations at the New York Stock Exchange, said Friday’s wage hundred “certainly spooked” traders.
Before the report, Cashin said the shop was concerned about rising interest rates and “FAANG” stocks Alphabet and Apple, whose pieces were lower in early trading Friday. (The term FAANG refers to Facebook, Apple, Amazon, Netflix and Google-parent Alphabet.)
And then there’s public affairs, Cashin said on “Squawk on the Street.” “There is some thought that if the Republican memo is released, it could have greater consequences.”
Cashin was referring to records that the White House could approve the release of the GOP memo saying FBI bias against President Donald Trump in its Russia investigation. The FBI has articulate it has “grave concerns” about the memo’s release.
The White House declassified the memo Friday, and it was needed to be released by the House intelligence committee.
Cashin said there was reflection on the Street on Thursday that the release of the memo could cause the bean of the FBI, Chris Wray, to resign.
The Dow was down more than 300 quiddities on Friday, with the S&P 500 and Nasdaq declining as well. As of Thursday’s cramped, the Dow and S&P were on track for their worst week since 2016, while the Nasdaq was on traverse for its worst week since June.