“I think we are in the final stages, but the final stages can be very challenging,”said the analyst in statements to CNBC.
According to the manager of Morgan Stanley, we face double jeopardy. “The final move into the bear market is likely to come in the first quarter of next year, when companies realize estimated profits,” predicted.
Wilson also said that the S&P 500 “will probably hit a new low” in the first quarter of next yearadding that “the 3,000-point minimum is really a good range to think about.”
“That new low would be a great buying opportunity because by the time we get to the end of next year, we’ll be looking towards 2024 when earnings really pick up,” Wilson projected.
Tough year on Wall Street
The markets had a volatile year, especially Wall Street which had several rallies that surprised the bear market. Given the ongoing battle against inflation, investors are closely watching comments from the US Federal Reserve to see when it might tighten.
Data from earlier this month showed prices were rising less than expected, sending shares higher on expectations of a spike in inflation.
Source: Ambito
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