This article is part of Morningstar's Q2 market review and outlook . As investors grew increasingly confident that any recession is still far off on the horizon, stocks extended their gains during the second quarter, potentially kicking off a new bull market in the process. But in the bond market, it was a mixed picture, with expectations growing that the Federal Reserve will be taking interest rates still higher and holding them there longer. Under the hood of the stock market rally, for much of the quarter only a handful of stocks—the largest, growthiest tech names, including Apple, Microsoft, and Nvidia—were responsible for nearly all gains through May. Prior to June, without the supersized returns from these stocks, the overall market would have been flat, making for the most concentrated market in history. By quarter's end, however, the rally did broaden thanks to gains in Eli Lilly LLY, JPMorgan JPM, and Adobe ADBE. As the Federal Reserve brought interest rates to a paus...