A rally in the S&P 500 in the fourth quarter of 2023 'is more likely than not,' Morgan Stanley's Michael Wilson said in a note.
A rally in the S&P 500 in the fourth quarter of 2023 "is more likely than not," Morgan Stanley's Michael Wilson said in a note.
"Many are still leaning more long than they would like, to reduce the probability of missing out in a year in which narrow megacap strength has driven benchmarks," they said, even as the confidence level may have waned a bit in the past week. Wilson, one of the most bearish voices of Wall Street, said the positive sentiment in the market was contingent on current stock prices holding in the short term.
The S&P 500 has rallied about 13% this year, boosted by the AI euphoria and expectations that the U.S. central bank will not raise interest rates further, but recent economic data and Fedspeak have turned the sentiment in the last one month.
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