The S&P 500 retreated from record highs on Monday, but fundamentals remain strong: Q2 profits at tech giants surged 31%, beating forecasts of 23% by a wide margin.
Corporate earnings growth is outpacing the broad market index, pushing the forward P/E ratio down from 26 at the start of the year to 22—analysts say this rules out a bubble.
Wall Street's consensus year-end target for the S&P 500 has been raised to 7,894,...
