The worst is over for stocks but the bull market is 'stuck in traffic', Wells Fargo says

• US stocks have rebounded in 2023, with the benchmark S&P 500 advancing almost 8%.
• But investors shouldn't expect the rally to last, according to Wells Fargo.
• "We see neither a bull nor a bear market, just a market," analysts said.

The worst is over for stocks but investors should prepare for a period of relative normality rather than another bull market run, according to Wells Fargo.

"We see neither a bull nor a bear market, just a market," a team of analysts led by Chris Harvey wrote in a Monday research note titled "Bear Exits, but Bull Stuck in Traffic".

Stocks have rebounded at the start of this year with a surprise rally that's led some investors to shrug off memories of a turbulent 2022.