Markets continue to trend lower amid rising inflation and Fed uncertainty, but one New York Stock Exchange floor director says the bottom may be in for a couple of beaten-down sectors.
What To Know: Jay Woods, chief market strategist at Drive Wealth and NYSE executive floor director, highlighted opportunities in biotech and health care stocks Wednesday on Benzinga's "Stock Market Movers."
"We're starting to see some strength there," Woods said.
Biogen Inc (NASDAQ:BIIB) was one of the stocks Woods focused on.
"We're seeing some technical progress," he said. "I'm starting to see some green shoots there."
Related Link: Here's How Much $100 Invested In Biogen 15 Years Ago Would Be Worth Today
When screening the sector for stocks with favorable technical setups showing relative strength, three names jumped out at Woods: Ionis Pharmaceuticals Inc (NASDAQ:IONS), Meridian Bioscience Inc (NASDAQ:VIVO) and Harmony Biosciences Holdings Inc (NASDAQ:HRMY).
"These are three little stocks in the sector that are starting to, you know, from a relative basis, act extremely well. And from a technical basis, you know, we're knocking on new highs and that's what I like to see," Woods said.
"If you are looking for stocks from a relative basis that are starting to outperform ... I think biotech and health care are some of the areas that you want to focus on."
Woods went on to name several health care names that are starting to look attractive.
Watch the full interview below to get the rest of Woods' stock picks:
Photo via Shutterstock.
