U.S. stocks will end 2023 almost unchanged from their current level -- but will have a bumpy ride to get there, according to Morgan Stanley's Michael Wilson.
U.S. stocks will end 2023 almost unchanged from their current level -- but will have a bumpy ride to get there, according to Morgan Stanley's Michael Wilson.
The portfolio strategist -- who correctly predicted the slump this year and is ranked No. 1 in the latest Institutional Investor survey -- said consensus earnings estimates for 2023 are still much too high. His base case is for U.S. company profits to decline 11 per cent in 2023, before a strong rebound in 2024 as positive operating leverage returns.
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