Wall Street’s stock-market forecasts for 2022 were off by the widest margin since 2008: Will next year be any different?
Wall Street often gets it wrong when it comes to anticipating where stocks might be trading one-year out. But in 2022, its forecasters were set to miss the mark by the widest margin in nearly 15 years, according to data compiled by FactSet.
Many macro strategists said in their 2023 outlooks that they expect the U.S. economy to slide into a recession by midyear, further undermining equity valuations as corporate profits slump and unemployment climbs.
A look outside of major investment banks shows bulls and bears with dramatically different visions of how they expect next year to play out.
What’s more, double-digit pullbacks, which look likely this year, often have been followed by particularly torrid rebounds, as the historical data show.
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