The stock market keeps climbing even though expectations for Fed rate cuts are falling. That’s not what usually happens.

GE Aerospace raised its guidance, Taiwan Semi shows a record profit. Retail sales bounce back. Jobless claims fall.

With Wall Street's surge to record highs, the U.S. stock market looks nearly as expensive as ever, and investors are debating whether the lofty valuations are a bearish signal or justified by the technology-heavy market's profit outlook.