Richly valued U.S. stocks are leaving investors with little tolerance for disappointment as they prepare for a week filled with high-profile earnings reports. The recent performance of technology and growth giants like Microsoft and Alphabet has propelled the S&P 500 to its biggest weekly gain since early November, but the market's reaction to Meta Platforms' disappointing forecast serves as a stark reminder of investors' high expectations. The upcoming earnings reports from Amazon and Apple, two members of the so-called "Magnificent Seven" group of companies that drove markets higher last year, will be closely watched for insights into the health of the tech sector. Meanwhile, the Federal Reserve's latest monetary policy statement, scheduled for release on Wednesday, is expected to provide further clarity on the central bank's approach to managing inflation and interest rates. Despite solid corporate results overall, the market's reaction to earnings beats and misses has been somewhat muted, reflecting investors' concerns about stretched valuations and the potential impact of rising Treasury yields and stubborn inflation. While earnings have provided some support for stocks amid the market's recent volatility, the focus remains on the Fed's response to inflationary pressures and its implications for monetary policy going forward. As investors navigate the uncertainties of earnings season and monitor developments in the broader economy, the market's resilience will be put to the test. With valuations hovering at historically elevated levels and inflationary pressures showing no signs of abating, investors are bracing for a period of heightened volatility and increased scrutiny of corporate performance. In such an environment, staying vigilant and disciplined will be key to weathering the storm and positioning portfolios for long-term success.