Despite concerns about inflation, spiking bond yields, and the costs of spending on artificial intelligence, stock market returns have shown resilience in the past month.

“The market is undervalued overall, but I do think it is especially vulnerable today because typically you would expect stocks to struggle as interest rates are rising, especially those long-duration growth stocks that are going to be much more sensitive to changes in interest rates,” says David Sekera, Morningstar’s chief market strategist. “But yet if you look at the market performance month to date, even year to date, it’s held up much better than I would’ve thought,” he says.

Regardless of where the markets are headed, investors may want to own…