No Sign of Bear Market on Horizon: Edward Jones' Mahajan

Market Performance & Correction - The S&P 500 experienced a near 20% correction previously, and is currently up only 4% to 5% year-to-date [1] - The market has recovered from a significant correction, but it's not yet experiencing irrational exuberance [2] - Elevated uncertainty suggests the possibility of 2 to 3 corrections being the norm for the year, indicating potential for more volatility [2] Economic Factors & Uncertainty - The market is waiting to see the impact of tariff rates on inflation and the labor market [4] - Investors and the Fed are largely in a wait-and-see mode regarding trade and tariff headlines, a tax bill, and potentially softer economic growth [3][2] - The impact of tariffs on inflation and the labor market has been pretty benign thus far [4] Monetary Policy - The Fed is expected to cut rates if the benign impact of tariffs continues [4] - The pace of the Fed's rate cuts, whether gradual or aggressive, remains uncertain [4] Market Outlook - No signs of a complete reversal, bear market, or bubble burst are currently visible [3] - Momentum in the market tends to continue, potentially leading to overshooting on both the upside and downside [2]