The S&P 500 Isn't Overvalued. Here's Why

The article features Brian Belski arguing that the S&P 500 is not overvalued despite trading near record highs. He says valuations look cheaper when earnings growth is considered, and expects broad market participation to continue into the second half of the year. Belski sees any near-term correction as a buying opportunity rather than a warning sign. He favors financials, communication services, and selective large-cap tech, while remaining underweight the Mag 7 overall. He highlights names like Wells Fargo, Google, Netflix, and select software/semiconductor leaders, but avoids expensive consumer staples and sees more upside in small- and mid-cap stocks. Overall sentiment is constructive on U.S. equities, with a preference for diversification and value over concentrated mega-cap leadership.