Morgan Stanley warns on headwinds for stocks including weaker earnings, cautious firms | Forexlive

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: