Despite the favorable inflation data for October uplifting investors' optimism, market volatility is expected to remain. According to Capital Economics, the S&P 500 might drop to 3,200 by the middle of 2023.
Moreover, Sebastien Page, chief investment officer and head of T. Rowe Price Group’s global multi-asset division, said that there is “an abundance of doom and gloom in global economies and financial markets, leading many investors to remain prudently defensive moving into 2023.”
