📊 US stocks next week: Confirming the trend or is the good news already priced in?

Four Major Variables Looming—
Earnings: On Wednesday, $Meta Platforms(META.US), $Alphabet - C(GOOG.US), $Amazon(AMZN.US), and $Microsoft(MSFT.US) all report on the same day, with $Apple(AAPL.US) closing the show on Thursday. This is the most intensive earnings week of the year, and with market expectations already high, only results that beat estimates can support valuations.
Fed: The FOMC decision is also on Wednesday, with a high probability of no interest rate cut. Special context: This may be Powell's last time chairing the meeting, making the wording and coded language worth a close read.
Geopolitics: US-Iran talks are progressing, with oil prices at a high of $100/barrel. If the talks break down, inflationary pressures will rise again, narrowing the window for rate cuts.
Capital Flows: The quarter-end institutional portfolio rebalancing is winding down. Whether AI funds continue to pour in or quietly retreat will become clear next week.
The broader market is up over 12% this month and is no longer cheap. With the direction unclear, let the earnings speak first.