Wilson's 3,900 forecast for the S&P 500 makes him among the most bearish strategists on Wall Street.
The odds of a fourth-quarter rally for the S & P 500 are coming down as higher rates and slower growth pressure equities, according to Morgan Stanley's Mike Wilson. Only 39% of the stocks in the broad market index are trading above their 200-day moving average, creating a historically narrow rally, the bank's chief U.S. equity strategist said.
Sean Simonds of UBS is the only other top strategist who forecasts the S & P 500 pulling back to 3,900. Meanwhile, Oppenheimer's John Stoltzfus estimates the index rallying to 4,900. Despite his waning confidence levels, Wilson noted that the majority of the investors he's spoken to still believe a fourth-quarter rally is more likely than not.
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