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Wild ride': Morgan Stanley's Mike Wilson predicts double-digit percentage drop will hit stocks in early 2023

Thursday, December 1, 2022

11.30.22 - Double-digit percentage drop to hit stocks?

Gold last traded at $1,769 an ounce. Silver at $22.17 an ounce.

'- CNBC--What's in your portfolio? As we get ready to head into a new year, some analysts are suggesting that the bear in this market is still not ready for hibernation. Earnings forecast are not rosy and the fundamentals are still a bit suspect; to put it mildly. Read on to see what these forecasts may mean for your portfolio.

Investors may be on the doorstep of a deep pullback.

Morgan Stanley's Mike Wilson, who has an S&P 500 year-end target of 3,900 for next year, warns corporate America is getting ready to unleash downward earnings revisions that will pummel stocks.

"It's the path. I mean nobody cares about what's going to happen in 12 months. They need to deal with the next three to six months," he told CNBC's "Fast Money" on Tuesday. "That's where we actually think there's significant downside. So, while 3,900 sounds like a really boring six months. No... it's going to be a wild ride."

Wilson, who serves as the firm's chief U.S. equity strategist and chief investment officer, believes the S&P could drop as much as 24% from Tuesday's close in early 2023.

"You should expect an S&P between 3,000 and 3,300 some time in probably the first four months of the year," he said. "That's when we think the deacceleration on the revisions on the earnings side will kind of reach its crescendo." 

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