Watch the S&P after other indexes fall into correction, says Jay Woods
(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.) After three major indexes slipped into correction territory last week, investors are watching if the S & P 500 will join its peers this week, according to New York Stock Exchange insider Jay Woods. The Dow Jones Industrial Average , Nasdaq Composite and Russell 2000 all ended Friday off more than 10% from their recent highs. Meanwhile, the S & P 500 ended the session just over 9% below its high. “All eyes will continue to be on what happens in Iran and the Gulf,” Woods said. On the S & P 500, Woods is watching two levels if it falls into correction territory. The first is 6,200, which would represent about a 14% fall from the index’s recent highs. That’s the average size of corrections, he said, which happen about once a year. The next level is 6,050, which he noted is where the index began moving higher after recovering from its “Liberation Day” sell-off in 2025. Woods, chief market strategist at Freedom Capital Markets, is also watching the following: Jobs data: JOLTS on Tuesday, ADP employment numbers on Wednesday, jobless claims on Thursday and a nonfarm payrolls report on Friday, though the market will be closed for Good Friday. Nike earnings: Set to be delivered Tuesday after the bell , Woods said he will watch if the stock can hold its downside $50 support. He added that the stock has typically popped after earnings under CEO Elliott Hill, just for those gains to fade. RH earnings: Also coming Tuesday after the close , Woods recommended that investors see whether the stock can again top $140, which he believes would signal a relief rally for a name that’s off more than 23% in 2026. But despite other events happening in the market, the war continues to be by far the most important, he said. “Keep nimble, and watch what happens in the Strait of Hormuz.” (This weekly Monday video is exclusively for CNBC PRO subscribers.)