Morgan Stanley CIO: No Stock Market Rally in Sight as Mega-Caps Struggle, Rates Bite
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The stock market isn't likely to rally by year-end, says Morgan Stanley's CIO Mike Wilson.
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Mega-cap stocks have tumbled after reporting disappointing earnings, dragging down the S&P 500.
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Companies and households face strong economic headwinds from high interest rates.
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Even stocks with decent earnings have fallen post-report, a worrying sign per Wilson.
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With the S&P 500 propped up by just 7 stocks, momentum has stalled with many underperforming.