Michael Farr: These are 2023’s top stock picks for what could be a … – CNBC
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Traders work on the floor of the New York Stock Exchange (NYSE), December 7, 2022.
Brendan McDermid | Reuters
Selecting a Top Ten list for 2023 feels a bit different this year.
With several historical measures virtually guaranteeing recession, the prospect for stock market gains is meager at best. If a recession occurs, the S&P 500 could decline just over 30% on average from the highs and earnings may contract an average of 20%. The term “average” is a bit misleading, too. The declines could be greater or less than the average and still be considered very normal. At one point, the S&P 500 was down 24% for the year, and it looks to close 2022 down by about 19%. This could mean that the lows have been made. Tony Dwyer from Canaccord Genuity doesn’t think so. He said the data demonstrates that no historical low has ever been made before a recession had begun. To wit, it appears lower market lows await in 2023.
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