Stock market could drop another 10% soon: top strategist

Morgan Stanley’s chief markets strategist Mike Wilson is the biggest bear on Wall Street with a 4,400 year-end price target on the S&P 500. He says the market is likely next to feel fresh pressure from slowing economic and corporate profit growth. Wilson’s research shows 40% of the Nasdaq has corrected by 50% or more in the past three months. The Nasdaq Composite fell into correction territory on Wednesday, marked as a 10% decline from a recent high. All five components of the high-growth, widely owned FAANG complex (Facebook/Meta, Apple, Amazon, Netflix and Google) have shed more than 4% year-to-date. Losses in the FAANG sector have been paced by a 13% drop in Netflix. . . .