Markets: History 'has place' in valuations, strategist says

US stock markets could be looking for sustainability after February's rampant rally powered by Magnificent Seven earnings. CFRA Research Chief Investment Strategist Sam Stovall

"Right now the S&P 500 (^GSPC) technology sector is trading at a 56% premium to its average P/E on forward 12-month earnings over the last 25 years," Stovall says. "On a relative basis, it's at a 25% premium to the S&P 500 itself, even though it is primarily the driver of the S&P 500. So, a lot of other sectors are in 20% premium areas like communication services..."

Stovall also comments on tech valuations, AI-exposed stocks, and his expectations for Thursday's PCE print.

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