The government is retrenching on infrastructure spending and corporate earnings expectations are down. But a retail frenzy has kept valuations rich.

Why It’s Not a Bargain Yet.© Emmanuel Dunand/AFP via Getty Images ASML’s most advanced lithography machines can cost around $400 million each.© Provided by Barron's ...

TJ Maxx owner TJX will report results soon, followed by Ross Stores and Burlington. The future looks uncertain, but one analyst is upbeat.