Most people are expecting that we will see another recession in 2023 as the Fed keeps raising interest rates to fight inflation. How fast and how high interest rates are going to rise will largely depend on the Fed, and some people fear that raising interest rates so rapidly might lead to a severe recession.
A recession will probably lead to earnings going down and consequently an earnings compression as the S&P 500 $SPX500 is still expensive.
It is hard to make predictions for the overall market, and it is better to focus on individual businesses as fundamentals are more predictable than stock prices.
https://www.youtube.com/watch?v=AuCFD7RH2Pk