I haven’t understood the “bad news is good” reaction by stocks for the past few months... the Fed isn’t coming to the rescue until the economy has broken... and that can’t (at least historically hasn’t) been good for stocks. The bond market is pricing in a recession, and between the stock and bond markets the bond market is usually smarter.
Perhaps you remember around 2007 or so talking heads on financial networks kept babbling about the “soft landing” the economy would experience...the “experts” said so.