The S&P 500 is poised to fall sharply as investors flee risks assets on fears over a recession, aggressive tightening by the Fed and inflation, according to Morgan Stanley analysts.
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"With defensives the latest big outperformer, they are now expensive, leaving very few places to hide," Morgan Stanley analysts wrote in a Monday note. "This suggests the S&P 500 will finally catch up to the average stock and enter a bear market." They said the increasingly hawkish Fed is looking "right into the teeth of a slowdown," and that there is little upside for defensive positioning lately.
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