Many strategists are seeing double-digits drawdowns during 2023 as the economy is expected to deteriorate.
A brutal year for stocks has made Wall Street strategists cautious about what's ahead as most are forecasting a similarly bumpy 2023 with minimal returns. The average 2023 year-end target for the S & P 500 stands at 4,147, less than 7% higher than its current level, according to
Market Strategist Survey, which rounds up estimates from 15 top Wall Street strategists. While the average forecast calls for a higher year, many are seeing double-digits drawdowns during the period as the economy is expected to deteriorate. There's a big divergence of outcomes for next year — from Deutsche Bank and CFRA seeing the S & P 500 rallying 16% to top 4,500 to Barclays projecting another down year to 3,725. The top-of-mind concern for the year ahead is the risk of a U.S.
Pro's guide to investing in 2023 A China 'spending boom?' Your guide to emerging market investing in 2023 2023 should be a brighter year for the traditional 60/40 portfolio Nasdaq had its worst year since 2008.
's Michael Bloom contributed reporting.
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