Both Morgan Stanley’s Michael J. Wilson and Goldman’s David J. Kostin expect corporate profit margins to contract next year given unrelenting cost pressures, they wrote in separate notes. According to Wilson, who has been one of the most vocal bears on US stocks, “the best part of the rally is over.”
Yet the strategists aren’t so sure. “While prices to the end consumer are still rising at a rapid clip, prices for producers are rising at double the pace,” Morgan Stanley’s Wilson wrote in a note dated Aug. 8. Analyst expectations of margins expanding into 2023 are “unrealistic due to sticky cost pressures and receding demand.”
Are these the same clowns who predicted oil at 300 when we were at 120 and now at 89?
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U.S. stocks, futures rise as traders assess Fed hikes - BNN BloombergStocks and U.S. equity futures climbed as bond yields pared their recent surge and investors weighed prospects of aggressive Federal Reserve rate hikes against reassuring earnings.
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