Historical data suggests that during recessions, there's a greater than 50% chance (16 out of 30) of the stock market still achieving positive returns (average 9.8%), even with economic contraction.
"between 1869 to 2018 we've had roughly 30 recessions now of those 30 16 of them had a positive stock market return with an average return of 9.8 percent even though the gdp in other words the economy shrank on average 3"