On the heels of the worst April for stocks since 1970, strategists laid out what’s ahead as we enter “the next phase of the bear market,” predicting the S&P 500 index is in for more selling.
Morgan Stanley’s bearish chief U.S. equity strategist Mike Wilson has some bad news and some good news for investors.
“We think the S&P 500 has minimum downside to 3,800 in the near term and possible as low as 3,460, the 200-week moving average if forward 12 month EPS start to fall on margin and/or recession concerns,” he said, in the note to clients dated Monday. The fact that stocks have been trading “terribly” since last fall was warning investors that bad news was coming down the pipe, he said. First the high multiple stocks got taken out in November and December, as they weighed up the Fed’s policy pivot. “Now they are figuring out that 1Q may be the last good quarter of earnings as higher costs and increased recession risks weigh on future growth,” said Wilson.
Need to Know: Stocks may keep sliding until institutions join retail investors in capitulation, this firm says
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