Wolfe Research: Last week's stock market rise "indicates" a bear market.

The company stated that last week's stock rebound is more likely a signal of a bear market rather than an indication of market improvement, meaning investors should prepare for greater volatility. The company's chief investment strategist, Chris Senyek, wrote on Monday: "Although the index has not officially dropped 20% from its historical high, the price movements over the past week have been 'screaming' to us that it is a bear market, and stocks may experience lower highs and lower lows." He also added: "The S&P 500 Index is currently down only 2.5% from its 'day of liberation' closing price, while effective tariff rates have significantly increased, despite a 90-day pause! As the market is highly sensitive to the release of economic data and the flow of news, especially as details of trade agreements are announced, we expect to see more severe upward volatility as investors determine and infer based on the latest data points."