(PRO Views are unique to PRO subscribers, giving them perception on the information of the day direct from an actual investing professional. See the complete dialogue above.) Extremely awaited quarterly outcomes from Nvidia and two key software program shares will check essential ranges available in the market this week, Jay Woods says. Woods, chief market strategist at Freedom Capital Markets, is seeking to see Nvidia inventory transfer steadily greater on the again of its fiscal fourth-quarter earnings due after market shut Wednesday. That is due to some uneven post-earnings strikes in tech lately, Woods stated, noting each Meta and Palantir shares declined even after the corporate’s had nice outcomes. Much more essential to contemplate is the impact of Nvidia’s report on the S & P 500 , given its 7% stake within the broader market, Woods stated. The S & P 500’s repeated assessments of the 7,000 degree are placing a spotlight to the index’s 100-day transferring common at 6,822, he stated. “Watch how [Nvidia] closes on Thursday. … We wish to see it open robust, keep robust. If not, if it pulls again, watch the 200-day transferring common, this $173 space in Nvidia,” Woods stated. “If it breaks it, that will be a inform for this complete market. We may get an enormous flush out to six,600 within the S & P 500 and Nvidia may return to $150 over the following a number of months. So, very essential to observe the worth motion in Nvidia.” Nvidia shares are up 2% 12 months up to now. The inventory is outperforming its “Magnificent Seven” friends in a weak 12 months up to now for the group. NVDA 1Y mountain Nvidia inventory efficiency over the previous 12 months. Outcomes from Salesforce and Snowflake , additionally due Wednesday, are one other key occasion for the market this week. Buyers will likely be gauging simply how disruptive AI has develop into to the software program business from the businesses’ steerage, Woods stated. “These shares want a aid rally and watch their current lows. They should maintain. If these shares can bounce, the query is, is that this aid or is that this one thing that has modified? Irregardless, we’d like these shares to return again as a result of software program has been underneath strain,” he stated. Shares of Salesforce and Snowflake have plunged about 34% and 29% this 12 months, respectively. Different probably market-moving headlines may come from President Donald Trump’s State of the Union handle on Tuesday. The annual speech comes after his menace of 15% international tariffs and the Supreme Court docket’s ruling on commerce levies final week. Battle between the U.S. and Iran can be in focus, with the third spherical of talks between each nations set to proceed in Geneva on Thursday. “Tariffs will likely be on show in addition to battle with Iran,” Woods stated. “Power shares have been on hearth. Let’s have a look at what occurs with that battle. If we do go to warfare, count on the vitality sector to proceed to have that massive tailwind behind them.” (This weekly video is solely for CNBC PRO subscribers.)