US stocks are likely to experience a significant decline, according to the chief strategist at Morgan Stanley

US stocks may experience sharper declines than predicted, according to Michael Wilson, chief US equity strategist at Morgan Stanley. A research note from the analyst suggests that the recession will cause the largest annual decline in the equity market since the global financial crisis. The S&P 500 could drop much lower than the current estimate of 3,500 to 3,600 points in case of a mild recession