2022 was a volatile year for stocks. BNY Mellon economists they expect the S&P 500 index to remain under pressure before starting to rise.
More pain than gain in stocks
“We don’t expect stocks to bottom out until the market faces a recession and Wall Street’s consensus 2023 EPS estimate falls further. At $232, the consensus EPS estimate is considerably higher than our estimate of $205 to $215, reflecting the weakening economy.”
“Our range is wide for 2023 for the S&P 500, between 3,800 and 4,500, reflecting the considerable macro uncertainty ahead.”
“Although the market is unlikely to have a V-shaped recovery, given the prospects for rising rates and continued inflation in the coming years, we do expect returns to be positive in 2023.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
