Michael Wilson, one of WallStreet’s most ‘pessimistic’ strategists, said US stocks could face tough selling pressure in the near term and Wall Street investors could face some unpleasant losses.
US-based investment bank of Morgan Stanley one of the most famous strategists and often known for his pessimistic rhetoric and ‘apocalyptic’ scenarios Michael Wilsonpredicted that a sharp fall may occur in the S&P 500 in the near term. Wilson expects the index to finish at 3,900 by the end of this year, which is about 10 percent down from Friday’s close, then expects it to rise to 4,200 in the second quarter of next year.
“For Wall Street, the winds of sweetness are clearly obscuring the negativity. Therefore, we believe the risk of a major correction is higher.”
Pointing out that there may be some deterioration in the profits of the companies as a necessity of the macroeconomic conjuncture, Wilson also pointed out that the liquidity deterioration caused by Treasury issues and financial support will also be a problem for S&P in the future.
The Decline from the Peak Continues
The S&P 500 index is currently at 4,348, declining from its peak of 4,425 on June 15. The two-week decline in the index, on the other hand, is based on the statements of Fed Chairman Powell and the opinions that the rally that started with the new year was mispriced.
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