Via a note to clients from Morgan Stanley, Michael Wilson, the firm’s chief U.S. equity strategist has warned on headwinds for further progress on stocks, citing a combination of:
- weaker earnings revisions breadth
- cautious corporate commentary
- weaker leading survey data
- a decelerating fiscal impulse
Said these are negatives for earnings, and they'll likely persist into the new year, "before a durable recovery takes hold.”.
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Stocks surged (again) on Friday, greatly helped by Powell speaking:
US equity index futures trade begins for the week at the top of the hour.