Because the stock market will recovers before earnings will bottom out.
Why would I buy stocks before a recession? [Downtown Josh Brown] – “What you’re seeing here is the only evidence you’ll ever need to see that stocks look through declines in earnings once they’ve already begun pricing those declines in. At the start of the pandemic – which we all agreed would cause a recession in real-time – stocks corrected at lightning speed and had already bottomed before earnings had even ticked down by one penny. In fact, the stock market reached its pandemic low a full 13 months before corporate earnings in the S&P 500 would bottom for the cycle.”
There is another charts also equally educational and eye-opening.
“By the time earnings are reaching their cycle low, stocks have already been rallying for three quarters of a year in advance of that low.”
Keep investing.