Morgan Stanley's Mike Wilson says don’t buy this breakout, a market correction is coming

📆 5/06/2023 2:45 p. m.
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The widely followed strategist stood by his base case for S&P 500 to finish 2023 at 3,900, about 9% below the current level.

Morgan Stanley's Mike Wilson is sticking with his bearish call for a tactical correction despite the recent rally driven by technology stocks. "Hotter but shorter cycles persist — we continue to forecast an earnings recession this year that we don't think is priced," Wilson, the bank's head of U.S. equity strategy, said in a note. "We still expect a tactical correction as the cyclical bear market concludes.

The S & P 500 has gained more than 2% this month alone, pushing its 2023 gains to nearly 12%. The tech-heavy Nasdaq Composite just notched its sixth straight weekly gain, a streak not seen since 2020, and it's up 27% so far this year.

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