Even under the best-case scenario for the stock market, the S&P 500 is “trading slightly above what could be justified fundamentally,” according to Sevens Report Research. The U.S. stock market has risen this month after a strong May,

U.S. equities were mostly edging higher at midday with the market watching for developments in U.S.-China trade negotiations.

Exports from China to the U.S. plummeted last month, but that wasn't having much of an impact on the stock market. Investors were instead zeroing in on talks in London that they hope will yield a longer-term trade truce between the world's two largest economies.

A huge frontloading wave this spring was credited with helping U.S. corporations put up solid first-quarter corporate earnings, while also giving businesses and households a buffe