Freedom Capital Markets Chief Global Strategist Jay Woods in CNBC

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On Wednesday, the House of Representatives passed a bill that gave Chinese company ByteDance roughly six months to sell TikTok before it was banned from U.S. app stores.

The bill now moves to the Senate. In the event that the bill passes through Congress, it could have major ramifications on the broader technology sector, according to Jay Woods, chief global strategist of Freedom Capital Markets.