U.S. equities could face a sharper-than-expected selloff in 2023 from a recession shock that could push stocks down another 22% from the current levels,...
U.S. equities could face a sharper-than-expected selloff in 2023 from a recession shock that pushes stocks down another 22% from the current levels, according to Morgan Stanley’s Michael Wilson.
The chief equity strategist, who correctly predicted the 2022 stock-market selloff, which saw all three major indexes cement their worst annual losses since 2008, suggested on Monday that the S&P 500 SPX could find a bottom around 3,000 points by the end of 2023. The index was trading around 3,919 at last check, according to FactSet.
“When a recession arrives, the ERP always rises significantly from whatever level you are starting at. In other words, if you think a mild recession is coming, you cannot assume the market has priced it given the ERP is at its lowest level since the run up to the Great Financial Crisis in 2008,” strategists said .
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