Stocks may be trekking higher, but Wall Street trading veteran Art Cashin says there are looming risks to the market that could soon shake things up.

On CNBC’s “Futures Now” last week, Cashin commented on how a “counter-intuitive” trend is appearing in the market with small-cap stocks. The IWM, the small-caps stock tracking ETF, has lost almost all of its gains year to date.

Conventional wisdom suggested that “one of the Trump initiatives would be in international trade, therefore the multinationals might be under some stress, and the small caps should be fine,” he explained. …