Morgan Stanley Views S&P 500 Correction as Part of Bull Market, Not Bear Market
Morgan Stanley's equity strategist Michael Wilson argues that the S&P 500 is in a correction phase within a new bull market, not the start of a bear market. The S&P 500's forward P/E ratio has declined 18% since October, but Morgan Stanley does not see this as indicative of a recession or tightening Fed policy. Wilson emphasizes that falling multiples alongside improving earnings growth are signs of a bull market correction.
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Topics: Equity Strategy Market Correction Morgan Stanley P/E Ratio S&P 500