Most forecasts remain cautiously optimistic about the market’s prospects next year but warn of below average returns.
Despite considerable challenges posed by the omicron variant and ongoing inflation surge, a majority of Wall Street firms predict the stock market will continue to rally next year—albeit modestly—thanks to strong corporate earnings, solid economic growth and easing supply chain issues.... [+]Stocks have reacted sharply and market volatility has surged since last Friday, when the World Health Organization labeled the Covid omicron strain—first reported in South Africa—as a “variant of concern.
“Decelerating economic growth, a tightening Fed, and rising real yields suggest investors should expect modestly below-average returns next year,” the firm said in a recent note. While returns may not be as strong as in recent years, “the equity bull market will continue” as corporate profits help lift share prices.Analysts at JPMorgan are also bullish on the stock market’s prospects next year, with the bank’s price target amounting to around an 8% gain from the S&P 500’s current price.
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