Bear market will last through 2023: Goldman Sachs strategists

The strategists estimate the S&P 500 will end 2023 at 4,000 index points — just 0.9 per cent higher than Friday’s close — while Europe’s benchmark Stoxx Europe 600 will finish next year about four per cent higher at 450 index points. Barclays PLC strategists led by Emmanuel Cau have the same target for the European gauge and said the path to get there will be “tricky.”

Goldman’s strategists said the gains aren’t sustainable, because stocks don’t typically recover from troughs until the rate of deterioration in economic and earnings growth slows down.The view echoes that of Morgan Stanley’s chief investment officer Michael Wilson, who on Monday reiterated that U.S. stocks will end 2023 almost unchanged from their current level, and will have a bumpy ride to get there, including a big decline in the first quarter.

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