Smart Investor
One of the basic rules of investing is don’t try to pick a bottom. Or a top, for that matter. Market bottoms – and tops – can only be known in hindsight, and basing investment decisions on those calls is a fool's errand. But knowing that fact does not stop us from wondering. We look at the 12% bounce in stocks from the lows and can’t help but think, “Was that it?” One factor playing into the “that was it” camp is the market’s ability to rally despite another aggressive increase in interest rates by the Federal Reserve this week as well as a second consecutive quarterly decline in GDP, which is normally seen as reflecting a recession. (Though Morningstar’s Preston Caldwell expects the Fed to start lowering rates in 2023 and says we’re not yet really in a recession.) Fed rate hikes and fears of recession were exactly the forces seen as driving stocks into a bear market in the first place. Meanwhile, Morningstar stock analysts are seeing headwinds for key names like Apple, reducing fair value estimates on Google parent company Alphabet, Facebook parent company Meta and even on Berkshire Hathaway. Meanwhile, we’re seeing some interesting trends under the hood of the market. As we explore here, the technology stocks and consumer cyclical stocks that took the greatest losses in the sell off have been leading the rebound. What does it mean? Opinions are divided on Wall Street. For example, one top-performing T. Rowe Price fund manager thinks we haven’t yet seen the lows for this market. Which brings us back to our original question. Is the bear market over or not? While we don’t know the answer, we can take a look at the history. As we explore, history shows that bear markets are filled with lots of bear traps. Only time will tell for sure. 
Bear traps can be short, swift and end as quickly as they started. Sandy Ward
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Markets and the Economy 
T. Rowe Price All-Cap Opportunities' Justin White holds stocks like Visa and Chubb, names he sees as both inflation- and recession-resistant. lorem Lauricella
Renewable energy stocks gain on surprise climate bill news. Jakir Hossain
Here are Morningstar’s best ideas for taking advantage of the updated market forecasts from asset managers. Susan Dziubinski
A closer look at some asset types that can help against inflation. Christine Benz
While there's a risk of recession for 2023, any decline should be mild and short-lived. Preston Caldwell
Chart of the Week 
We expect a Fed pivot to lowering rates as inflation comes down and the need to shore up the economy grows.
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