A Morgan Stanley strategist said that as US bond yields soar and the dollar rises, the US stock market may face severe tests in the next six months. Strategist Michael Wilson warned in the report that as 10-year US Treasury yields climbed above 4.5%, the correlation between the S&P 500 index and bond yields had become a “decisive negative correlation.” The 30-year yield hit its highest level since the end of 2023 on Monday. Wilson said that the US dollar is currently approaching a level that could put pressure on companies with significant international exposure. Given the already poor breadth of the market, this may cause more widespread damage to the stock market in the first half of this year. Wilson was once one of Wall Street's biggest bearers, and it wasn't until mid-2024 that he turned bullish on the stock market. Although he expects the S&P 500 to rebound this year, he warned that the S&P 500 index's gains were not widespread enough.
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大摩策略师:美股未来六个月可能面临考验
Daimo strategist: US stocks may face a test in the next six months
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