Market sentiment signals “excessive optimism” as S&P 500 hits record highs, leaving room for a potential pullback, warns analyst London Stockton of Ned Davis Research.

S&P 500 up 0.6%, Nasdaq Composite up 0.3%, Dow up 415 points, nearing Dec. 4 record. Market continues to set intraday highs amid investor optimism.

Second-quarter earnings season underway with ballooning stock valuations. Texas Instruments sees sharp share decline due to tariff concerns. Alphabet and Tesla to report earnings after market close.

Read more at Barron’s: S&P 500 Sets Another New High. Why It’s Vulnerable to a Pullback.