Morgan Stanley’s investment chief and head U.S. equity strategist Mike Wilson has been one of Wall Street’s biggest bears over the past two years. And despite missing the mark with many of his more pessimistic forecasts in 2023, he remains concerned about the stock market’s potential for returns moving forward.
By this time next year, Wilson believes, the S&P 500 won’t have moved much at all, rising just 2% to 4,500. The slowing effect of years of inflation and rising interest rates will ultimately depress the economy and corporate earnings in 2024, the Wall Street veteran warns, and that will lead to some pain for stocks.
