According to data from Jin Shi, the S&P 500 index is approaching historic highs, but with the earnings season approaching, the basis for the upward trend is facing challenges. Wall Street expects a year-on-year profit growth of only 2.8% in the second quarter, the smallest increase in two years. Yardeni Research estimates that only 6 of the 11 sectors are expected to see profit growth, the fewest since the first quarter of 2023. Market observers warn that index valuations are too high, and a surge in profits or significant interest rate cuts are needed to justify them. Technical analysts believe that without more sectors rising, the index may decline in the coming months. Sarah Hunt, Chief Market Strategist at Alpine Woods Capital Investors, stated that the stock market rebound carries risks, with some sectors deteriorating or accelerating momentum compared to others.