Bulls are too exuberant

A month ago, analysts were predicting that S&P 500 earnings growth for the second quarter would come in at a sluggish 5% year-on-year, says Sam Goldfarb in The Wall Street Journal. The spring period was beset by Trumpian tariff chaos. In the event, with earnings season nearly complete profits are up roughly 12%, well ahead of expectations. “Earnings calls including the word ‘recession’ have plummeted 84%.” True, big technology firms are doing the heavy lifting, with more than two-thirds of all e...