Morgan Stanley sees a more challenging year ahead for U.S. equities against a backdrop of higher interest rates, slowing growth and supply chain disruptions.
The Wall Street firm recently set its S&P 500 target for next year at 4,400, implying a 5% decline from current levels. The negative projection followed a blockbuster year for stocks that has seen the S&P 500 rallying 25% and raking in more than 60 record highs despite fears of persistent inflation.
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