Jay Woods, chief market strategist at Freedom Capital Markets, emphasizes the importance of Nvidia's earnings report, which is set to be released after Wednesday's closing bell. He highlights that Nvidia's stock has surged from approximately $165 to around $235 in the past six weeks, with $215 acting as minor support and $200 as major support.
Woods suggests that if Nvidia can exceed expectations and raise its guidance, it could propel the stock past the $235 ceiling, providing a substantial tailwind for the overall market. Additionally, Woods notes that the 10-year U.S. Treasury yield has recently closed above 4.65%, indicating that a rise to 5% could pressure equity markets. He also mentions e.l.f.
Beauty as a stock to watch, predicting it could rally to the $65 to $70 range if it reports favorable news