SAN FRANCISCO (MarketWatch) — Expectations are high for home-improvement chain and retail earnings this week, with the last sizable batch of S&P 500 companies for the season reporting quarterly results, as stock valuations hit levels not seen in more than a decade.

This week’s results are looking to be the last hurrah closing out the better-than-expected earnings season as forward price-to-earnings ratios reach highs last seen in 2004 and forecasts for first- and second-quarter earnings are signaling a retreat.