I don't get it, why are stocks still so high

Fed is increasing ratesInflation didn't go away overnightEarnings reflect downward pressure on margins and revision downward for upcoming quartersOverall morale isn't goodHousing situation is bad, too much inventory building up at near sky high prices Layoffs aren't really helping move the needle in OpEx for many. (Technically some that were let go would be reabsorbed into other roles in the business. Maybe 10-20% get jobs internally?)