Fears of a recession this spring eventually gave way to confidence that the economy could stick a soft landing. But as fall sets in, that summertime disposition has turned over once more and investors are beginning to worry how markets will fare for the rest of 2023.
Many investors are “grappling with the uncertainty of where we are in the economic cycle and the narrowness of performance that is making it challenging to keep up with benchmarks,” wrote Morgan Stanley chief investment officer Mike Wilson in a recent note to clients. “As such, most are wondering if the rest of the year will bring more of the same (mega cap growth leadership) or whether markets will pivot and broaden out to areas that have underperformed YTD — i.e., value and small/mid cap stocks.”
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