Speaker · Updated
Jay Woods: latest market views
Freedom Capital Markets
Summary
Jay Woods, CMT, is Chief Global Strategist at Freedom Capital Markets, a Fordham adjunct professor of technical analysis, and a former NYSE Designated Market Maker and Executive Floor Governor.
Chorus has 9 views from Jay Woods across 2 episodes on CNBC Power Lunch since October 22, 2026. Their latest calls: bullish on Amazon.com and Caterpillar; bearish on CoreWeave.
Where they stand
Their latest bullish or bearish call on each company.
- Amazon.comBullish ·
- CaterpillarBullish ·
- CoreWeaveBearish ·
What they talk about most
The latest views
Newest first. Every quote is checked against the episode's transcript.
CaterpillarBullish
Caterpillar is a stock on sale after the data center selloff; he will buy more.
Woods says Caterpillar's dip after the Texas data center news makes it a stock on sale. He expects it to be worth more in six to twelve months. It is a core holding in his personal portfolio and he expects to add to it after this drop. His case rests on the price drop, not on new fundamentals.
“Oh, Caterpillar without a doubt. If we bought this and back it out and you look back six months, twelve months from now, this is a stock on sale that is worth putting in. It's a core holding in my own personal portfolio.”at 6:20
CNBC Power Lunch: Midterm Market Rally, Texas Data Center Fallout & Crypto Regulation ·
The post-election rally is a relief rally; the S&P 500 likely pulls back and stalls below 7,800.
In the 2018 midterms the market rallied, then fell for six to eight weeks because of the China trade war, Fed hikes and a shutdown. Iran and Fed risks are still present, and Trump is an unpredictable factor, so Woods calls this a relief rally. He expects pullbacks, and says the rally will not take the S&P 500 to 7,800 in the next few weeks.
“So, to me, this is nice rally, a relief rally, some of these names beaten down.”at 7:29
CNBC Power Lunch: Midterm Market Rally, Texas Data Center Fallout & Crypto Regulation ·
Semiconductors will still lead the market; beaten-down chip names look good to buy.
Woods likes financials for their new highs, but he says semiconductors will still lead the market. Semis are still breaking down, so he will wait for the damage to stabilise. He sees beaten-down semiconductor names as a shopping list to buy.
“But the semis still going to lead this market. And right now we're still seeing breakdowns there.”at 7:29
CNBC Power Lunch: Midterm Market Rally, Texas Data Center Fallout & Crypto Regulation ·
AI infrastructure & data centers
Texas data center regulation is a speed bump; other states would take the business.
Woods sees Governor Abbott's push for slowdowns and regulation as a speed bump, not the end of the data center build-out. If Texas restricts projects, the other 49 states would compete to take the business. He treats the regulatory risk as temporary.
“This is a speed bump. It is not the end of the road. Far from it. If Texas is foolish enough to say not in our state, there are 49 other states that should be lining up to take that business away.”at 8:05
CNBC Power Lunch: Midterm Market Rally, Texas Data Center Fallout & Crypto Regulation ·
Amazon.comBullish
Amazon's free cash flow concern eases as data center spending slows, boosting its bottom line.
The market had worried about Amazon's free cash flow because of heavy data center build spending. Woods argues that Amazon will not be spending much cash on data center builds over the next few quarters, so its bottom line should improve. He urges investors to get back into the stock.
“Amazon, get back in this name. We were worried about free cash flow. Well, they're not going to be spending a lot of cash immediately over the next few quarters on these data center builds. So this is going to be good for their bottom line.”at 8:45
CNBC Power Lunch: Midterm Market Rally, Texas Data Center Fallout & Crypto Regulation ·
Chip stocks are near a washout; expect a flush over two to three days before oversold levels and the 200-day average test.
The semiconductor index is down about 5% and could flush out over the next two to three days. Oversold conditions have not been reached and the 200-day moving average has not been tested. Nvidia is under less pressure than Lam Research and Broadcom, which are breaking down technically. Fundamentals in these names remain strong even as the technicals look poor, so Woods wants levels and a shopping list ready.
“I think we're on the verge of a washout in this tech trade. ... It could, over the next two to three days, really flush out. We haven't gotten to serious oversold conditions. We haven't tested that two hundred day moving average.”at 44:56
CNBC Power Lunch: Tech Earnings Reaction, Q3 All-America Survey, Hormuz Chokepoint Check 10/22/26 ·
CoreWeaveBearish
CoreWeave is a worry given its bond and debt issuance; too technically unclear to buy.
CoreWeave is the name that most worries Woods, and it has accelerated fear in the market because of its bonds and debt issuance. Technically there isn't enough information to assess it, so he wouldn't venture to touch it. The debt-financed nature of the AI infrastructure buildout is the source of the concern.
“the [CoreWeave] is the one you worry about, and that is what's really accelerated some of the fear in this market because of the bonds and the debt issuance. So [CoreWeave] is one I wouldn't venture to touch.”at 46:24
CNBC Power Lunch: Tech Earnings Reaction, Q3 All-America Survey, Hormuz Chokepoint Check 10/22/26 ·
CaterpillarBullish
Caterpillar's fundamentals are intact despite the technical breakdown, and Woods is already building a position.
Woods is concerned about the technical breakdown in Caterpillar. Fundamentally, though, the story hasn't changed much and the earnings are still there, so he sees opportunity. He has already started buying into the position and is feeling the pain as the longer-term uptrend broke down. He believes it is a place to put money to work over time.
“I've already limped into that trade, and I'm feeling it a little bit as it broke down that longer term uptrend, but I still believe over time, we're gonna look back and say, this is where we wanna put money to work.”at 46:55
CNBC Power Lunch: Tech Earnings Reaction, Q3 All-America Survey, Hormuz Chokepoint Check 10/22/26 ·
Market should end the year stronger once the election passes and the AI pause lifts, with money rotating back into tech.
Woods argues that the election rhetoric and both sides agreeing that the AI story may be paused are weighing on tech. Once the election is final, the market should be set up to end the year much stronger than now. Rotation into beaten-down staples, utilities and healthcare, led by names like McDonald's, Nike and Pepsi, is seen as relief rallies that won't carry the market much higher, while tech stocks offer the opportunity.
“the fact that both sides agree that this AI story may be put on pause. Once we get through this narrative and get through the election, I believe we will be set up to end this year much stronger than where we are right now.”at 46:55
CNBC Power Lunch: Tech Earnings Reaction, Q3 All-America Survey, Hormuz Chokepoint Check 10/22/26 ·
Shows
- CNBC Power Lunch · 2 episodes
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