Concentration risks are growing as a few top stocks drive the market's performance.

"a year of two halves" as stocks face soaring yields and a strong dollar before Trump's pro-market policies provide a boost, Mike Wilson said.

Wilson's chief concerns are the "decisively negative" correlation between the S&P 500 Index and bond yields — with 10-year Treasurys rising above 4.5% — and the particularly strong dollar, which the strategist believes could impact stocks because of already tight market breadth, he wrote in a note cited by Bloomberg.

Morgan Stanleys Chief US Equity Strategist, Mike Wilson, forecasts a volatile first half of 2025, with recovery prospects improving in the latter half. Speaking to Bloomberg Television, Wilson noted that recent stock

Shares of Morgan Stanley MS shed 1.37% to $126.88 Tuesday, on what proved to be an all-around dismal trading session for the stock market, with the S&P 500 Index SPX falling 1.11% to 5,909.03 and Dow Jones Industrial Average DJIA falling 0.

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Morgan Stanley analysts shared a group of high-quality stocks that are cyclical and overweight-rated, as they expect the group to outperform. Analysts said that a break from the 4-4.5% 10-year yield (US10Y) “sweet spot,