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(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.) The conventional wisdom believes Friday’s PCE inflation report will have the biggest market impact, but NYSE insider Jay Woods believes the weekly jobless claims data Thursday is the more important one for markets. Woods, chief market strategist at Freedom Capital markets, believes a spike in jobless claims could move the market more because that will mean “the Fed has more work to do because unemployment is going higher.” He also notes the PCE will be less of a surprise since a lot of inputs to that calculation are already known by Wall Street. (Watch full video above.) The trader — who’s patrolled the Big Board floor for three decades-plus — is also watching under-the-radar memory chipmaker Micron this week. The stock, which is on a tear, reports earnings Tuesday after the bell. The $145 level is support for the stock, said Woods, adding “over the long term, this chart looks great — it has $220 potential upside.” MU 6M mountain Micron, 6 months What else Woods is watching this week: Whether the small-cap focused Russell 2000 can hold the 2,400 level. That could determine whether is a “breakout or a fake out,” said Woods. KB Home earnings on Wednesday after the bell. The 10-year Treasury yield level as a “tell” for the stock market. Need to see longer-term rates ticking down, said Woods. Costco earnings after the bell Thursday. Has anything changed with consumer spending habits. Will the government shut down? (This weekly Monday video is exclusively for CNBC PRO subscribers.)
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