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

The company says that last week's stock rebound is more likely a signal of a bear market rather than a sign of market recovery, meaning investors should be prepared for greater volatility. The company's chief investment strategist, Chris Senek, wrote on Monday, "Although the index has not officially fallen 20% below its historical high, the price trend of the past week is 'screaming' bear market for us, with stocks potentially reaching lower highs and lower lows." He also added, "The S&P 500 index is currently only down 2.5% from its 'liberation day' closing price, while effective tariff rates have significantly increased, despite a 90-day mutual suspension period! As the market is extremely sensitive to economic data releases and news flow, especially at the time of trade agreement details being announced, we expect more intense upward fluctuations as investors make judgments and inferences based on the latest data points."