Morgan Stanley believes a rapid stock market pullback is imminent. “The headwinds significantly outweigh the tailwinds and we believe risks for a major correction have rarely been higher,” wrote Mike Wilson, chief U.S. equity strategist at the firm, in a note Monday. “S & P 500 is at risk of a near-term drawdown.” Here are the risks Wilson references: Consensus earnings expectations that are much too high given the deteriorating economic environment. Bank reserves set to contract. Fiscal support reversing. Poor stock market technicals like weak breadth. Wilson’s fourth quarter S & P 500 target is 3,900, or 10% lower from its Friday close. His outlook is among the lowest on Wall Street, according to CNBC PRO’s official strategist survey . .SPX YTD mountain S & P 500 so far in 2023 Wilson gained some notoriety after nailing the market pullback last year as most strategists were too bullish, but he has missed the comeback so far in 2023. The strategist is more optimistic about next year, seeing the S & P 500 rebounding to 4,200 in the first half of 2024. —With reporting by Michael Bloom