By Pia Singh
Publication Date: 2026-02-23 18:01:00
(PRO Views are exclusive to PRO subscribers, giving them insight on the news of the day direct from a real investing pro. See the full discussion above.) Highly awaited quarterly results from Nvidia and two key software stocks will test important levels in the market this week, Jay Woods says. Woods, chief market strategist at Freedom Capital Markets, is looking to see Nvidia stock move steadily higher on the back of its fiscal fourth-quarter earnings due after market close Wednesday. That’s because of some choppy post-earnings moves in tech recently, Woods said, noting both Meta and Palantir shares declined even after the company’s had great results. Even more important to consider is the effect of Nvidia’s report on the S & P 500 , given its 7% stake in the broader market, Woods said. The S & P 500’s repeated tests of the 7,000 level are putting a focus to the index’s 100-day moving average at 6,822, he said. “Watch how [Nvidia] closes on Thursday. … We want to see it open strong, stay strong. If not, if it pulls back, watch the 200-day moving average, this $173 area in Nvidia,” Woods said. “If it breaks it, that would be a tell for this entire market. We could get a big flush out to 6,600 in the S & P 500 and Nvidia could go back to $150 over the next several months. So, very critical to watch the price action in Nvidia.” Nvidia shares are up 2% year to date. The stock is outperforming its “Magnificent Seven” peers in a weak year so far for the group. NVDA 1Y…
