Stocks are overbought and in need of a catalyst, according to Quincy Krosby, chief global strategist for LPL Financial. Indeed, last week the S&P 500 hit its highest level since April 2022 and posted its fifth consecutive positive week.
Homebuilding stocks bucked the downtrend on Tuesday after the latest data on housing starts and building permits came in stronger than expected. The iShares U.S. Home Construction ETF added 1%.before the House Financial Services CommitteeAt the conclusion of the central bank's meeting last week, policymakers indicated there could be two more quarter-percentage point moves on the horizon this year.
With sentiment upbeat and markets "overbought," "Powell could provide a modicum of support to the market's advance, but if he suggests that he's in the hawkish camp, markets may need to continue to unwind gains until a more viable catalyst emerges," Krosby added. The shipping company posted earnings of $4.94 per share for the fourth quarter on revenues of $21.93 billion. Analysts had expected $4.89 per share on revenues of $22.67 billion, according to Refinitiv.
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