Markets expect a slump

75 basis points.?

That's the whole intro.?

Phil Rosen here. After yesterday's Fed hike, I'm breaking down why markets may be able to withstand what happens next.

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1. The Federal Reserve announced a 75-basis-point interest rate hike.?It mirrored the previous hike,?matched the consensus expectation , and added to concerns that the Fed may put the US economy into a recession.?

But even amid the Fed's aggressive tightening and the weak economic data of late, the worst of the volatility and risk in the stock market has?come and gone , according to JPMorgan's Marko Kolanovic.

In a Wednesday note before the Fed's latest increase, he explained markets are proving to be?less sensitive to mounting recession concerns ?and have already priced in a downturn.?

Plus, recent revisions to earnings show the market is reflecting much of the?cyclical weakness , he added.?

And earnings reports from Alphabet and Microsoft?fit into JPMorgan's thesis. Shares of the tech giants rose after each showed?resilience ?and?strong guidance ?for the upcoming fiscal year.?

"This will be?bullish guidance heard around the world ?and on the Street as the market digests this positive commentary in a darkening macro," Wedbush's Dan Ives said, in reference to Microsoft's results.

In other news:

2. Home prices may be sliding, but these two experts with 35 years of collective experience explain why it's a great time to get into the market.?Not only does the current landscape present an opportunity to buy a property,?but it can even allow investors to negotiate on their own terms.

3. A portfolio manager who's crushing the S&P 500 broke down why renewable energy stocks are poised to defy the bear market.?Low costs, strong pricing power, resilient demand, and a structural shift toward clean energy all give the sector promising momentum, the Ecofin manager said.?These are his eight top stock picks.

4. Even with the softening housing market, international investors continue to scoop up pricey homes in Florida, California, and Texas.?A 2008-style housing crash is unlikely, according to a top analyst at the National Association of Realtors —?here are four reasons why.

5. Meta reported its first year-on-year revenue decline.?Revenue in the second quarter fell almost 1% from a year earlier. Meta also issued a dissapointing third-quarter forecast, citing a "weak advertising demand environment." Shares in the company?dropped more than 4% after hours .?It comes as the FTC sued Meta to block it from?acquiring virtual-reality company Within Unlimited .

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This newsletter was curated by Phil Rosen. Thoughts or questions? Sound off in the comments section below.