One of the top stock watchers alive called the big S&P 500 comeback this year—and now he sees a ‘mild recession’ by the holidays

(Credit: Adam Rountree—Bloomberg/Getty Images)

At the beginning of 2023, there weren’t many bulls on Wall Street. Analysts and CEOs were recovering after a brutal year in which the S&P 500 sank nearly 20% and the tech-heavy Nasdaq Composite cratered 33%. For most, morale was low, but Wharton professor Jeremy Siegel was feeling optimistic. 

“I think we should have a very good year for equities, with U.S. markets up 15% to 20%,” he wrote in his weekly WisdomTree commentary, per Insider. “Most think these gains have to wait for the second half of the year, but I can see this happening in the first half.”