S&P 500 rally in Q4 'more likely than not' despite headwinds

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.

Traders work on the floor of the New York Stock Exchange in New York City, U.S., August 15, 2023. REUTERS/Brendan McDermid/File PhotoOct 16 - 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.

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