Investors should be ready for a "choppy" third quarter as uncertainty over corporate earnings, Fed policy and the U.S. election create the perfect storm for a market correction.

In a Monday interview, Morgan Stanley's Chief Investment OfficerMike Wilsonsaid the market should brace itself for a 10% to 15% correction between now and November.

This means that the S&P 500 could be close to its 2024 ceiling. The index hit its historical ceiling on Friday after a positive jobs report lit up investor enthusiasm.

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