Morgan Stanley's stock chief says a signal that flashed before the 2000, 2008, and 2020 market crashes is once again glaring red — and that big declines are still ahead for the S&P 500
Driving Wilson's call is that he sees an earnings recession ahead, and this week he highlighted the fact that forward earnings-per-share growth — or how investors expect earnings will behave over the coming year — has now dipped negative.
"What makes this analysis more powerful is that, historically, the majority of the price downside in equities comesforward EPS growth goes negative. In other words, this earnings recession is not priced, in our view," he continued, the emphasis his."We also point out that the path of our earnings forecasts going forward implies a further significant deceleration in earnings growth.
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