Morgan Stanley Strategist Calls Recent Stock Rally a 'Bear Market Bounce,' Not a Sustained Rebound
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Morgan Stanley strategist Michael Wilson says recent stock market gains are just a bear market rally, not the start of a sustained upswing
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He cites weak earnings outlooks, deteriorating macro data, and declining analyst sentiment as reasons to be pessimistic
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The S&P 500 and Nasdaq indexes rose around 6% last week on hopes of a soft economic landing from the Fed's interest rate hikes
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But Wilson says high rates still threaten demand, as companies voice concerns about an economic slowdown
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He has maintained a persistently bearish view on stocks this year, even as others see reasons for optimism