Morgan Stanley on the end of the S&P500 bear market: “We respectfully disagree ” | Forexlive

Remarks on Monday from a Morgan Stanley note to clients:

• “With the S&P 500
  rally now crossing the 20% threshold, more are declaring the bear market officially over
• We respectfully disagree due to our 2023 earnings forecast.
• Ironically, a Fed pause may awaken the bear tactically just as liquidity headwinds ramp up.”

Morgan Stanley have low expectations for 2023 earnings and see this flowing into equity pricing.