Please stay tuned for important disclosure information at the conclusion of this episode. Hello, I'm Susan Jibinsky.

Welcome to a bonus episode of the Morning Filter podcast.

Now, as regular viewers and listeners know, we're doing some bonus episodes of the podcast,

covering topics that you've told us you want to hear more about.

So if you have an idea for a bonus episode, send it to us via our email address, which is

the morning filter at morningstar.com. Today's bonus episode is a replay of Morningstar's

Comprehensive second quarter 20 26 stock market outlook webinar, featuring

the Morning Filter co-host Dave Sikara and Morning Star chief economist Preston Caldwell.

Now, after a tumultuous first quarter, Dave and Preston share their outlooks for stocks,

bonds, inflation, interest rates, and the economy for

the second quarter and beyond. Have a listen.

All right, before you dive into your prepared remarks, Dave, I want to ask you a few questions

after the U.S. and Iran ceasefire that was announced last night.

Now, at the start of 2026 in this webinar, you suggested that investors maintain a barbell

portfolio to take advantage of volatility in 2026, balancing on one end those high quality value

stocks, including energy stocks with high growth tech and AI stocks on the other side.

And then during the past couple of weeks on our weekly

podcast, the morning filter, you've been suggesting that investors take some profits and

value in energy stocks and invest those proceeds in undervalue tech and AI stocks. So Dave, given that

as of right now, which is noon on April 8th, U.S. stocks are rallying and oil prices are falling.

How are you thinking about that barbell structure today?

A good afternoon, Susan. I think today and now right now is an excellent time to do nothing.

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