Wall Street’s top strategist warns U.S. stocks are set to drop by more than 20%

Mike Wilson, chief U.S. equity strategist at Morgan Stanley & Co., speaks during a Bloomberg Television interview in New York. (Credit: Christopher Goodney—Bloomberg/Getty Images)

U.S. stocks are set to nosedive at least 20% in the course of this year, Wall Street’s top strategist has cautioned.

The S&P 500 ended Thursday’s trading session more than 1% higher at 4,146 points. Since the beginning of the year, the index has gained 8.4%, rebounding from a turbulent 2022.