A high govt at Morgan Stanley says the US inventory market presently appears to be like underwhelming, with restricted upside for the remainder of the 12 months.
In a brand new interview with CNBC, Andrew Slimmon, senior portfolio supervisor for Morgan Stanley’s Funding Administration division, says he’s not anticipating the S&P 500 to be “considerably above” the 6,000 mark any time quickly.
Says Slimmon,
“My base case for the 12 months has been [that] it’s a pause 12 months. We’ve had two nice years in a row and the market wants type of a timeout, or a breather. If I work backwards from the top of the 12 months, it’s powerful to see the markets considerably above 6,000 and 5,900 that’s not numerous upside, and I’ve realized that the market doesn’t simply creep alongside slowly, it deviates round that central norm so someplace alongside the best way one other drawdown and suspect it’ll be later in the summertime.
I’ll inform you this. I’m at all times very intrigued when the precise knowledge diverges considerably from what’s projected by the supposed specialists to return. And the precise knowledge, earnings got here in robust within the first quarter, they beat by $3.50 versus consensus, however the whole-year quantity is down $10 as a result of ‘the unhealthy is but to return.’ And this does type of remind me of Covid which analysts ended up being approach too damaging on earnings for 2020-2021. I think that would be the similar case, so I do assume we’ll get a rally into the top of the 12 months as analysts are compelled to boost their numbers, however within the meantime, I wouldn’t be shocked if not a lot occurs to the market between now and the fourth quarter.”
At time of writing, the S&P 500 is buying and selling at 5,975, a couple of 2.8% transfer away from all-time highs.
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