S&P 500 Index set to move downward to 4400 by year-end – Morgan Stanley

The S&P 500 Index rallied on Monday for third straight day. Economists at Morgan Stanley remain bearish and targets 4400 by end-2022.

Bearish on the S&P 500 from a risk-reward standpoint

“We remain bearish on the S&P 500 index from a risk-reward standpoint, particularly after the recent rally.”

“Our year-end base case target of 4400 is 4% below current levels.”