One of Wall Street’s biggest bears says US stocks are likely to face more declines even if the economy manages to avoid a recession.
“Counter-trend rally may continue, but make no mistake, we don’t believe this bear market is over, even if we avoid a recession – the odds of which are increasing,” strategists led by Michael J. Wilson wrote in a note.
With the Fed expected to hike rates by another 75 basis points next week, investors are now turning to the corporate earnings season to see if margins have been resilient to the surge in prices and glum sentiment. Morgan Stanley’s Wilson, who has been one of the staunchest equity bears this year and who correctly predicted the latest selloff, also said he was “skeptical” about expectations that margin pressures would ease beyond the second quarter.
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