The fall in the U.S. stock market may be larger than the most pessimistic players expect, Morgan Stanley warns. The bank does not rule out a 22% drop in indices from current levels.

Now the market is not optimistic about the growth of stocks and lays in the quotes decline of S&P 500 to about 3500 - 3600 points. However, in reality, the index may fall much lower, to 3,000 points, according to the bank's strategist Michael Wilson.

Earlier in December, he expressed the opinion that in the first quarter of this year, investors should focus not on inflation or plans of the Federal Reserve, and the profit of large companies, which in the near future will decrease, writes RBC referring to Business Insider. Now, according to the expert, expectations of profitability are overstated to a large extent. For example, Bloomberg believes that the operating profit of companies in the S&P 500 this year will be $215 per share, but according to Wilson's estimates, it will not exceed $195.