The odds of a year-end rally in US stocks are fading as investors face a multitude of risks, according to Morgan Stanley’s Michael Wilson.
The odds of a year-end rally in US stocks are fading as investors face a multitude of risks from elevated profit estimates to the Federal Reserve’s policy tightening, according to Morgan Stanley’s Michael Wilson.
Wilson’s pessimistic view has been somewhat vindicated, with the S&P 500 tracking its third straight monthly decline on worries of higher-for-longer interest rates. On Friday, the benchmark closed at 4224 points, below its 200-day moving average for the first time since March. That’s considered a key technical support level and used by traders to assess whether the longer-term trend is up or down.
The chorus of Wall Street strategists warning about a subdued end to the year has grown in recent weeks as stocks also face renewed geopolitical risks. The macroeconomic uncertainty as well as US bond yields at 5 per cent have overshadowed the third-quarter reporting season, causing S&P 500 constituents to increasingly move in unison.Early reactions to earnings are also lacklustre.
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