MORGAN STANLEY: TOO EARLY TO CALL MARKET ALL-CLEAR Michael Wilson of Morgan Stanley warned it’s premature to turn bullish, citing U.S.–China trade tensions, weak earnings revisions, and credit stress. He said the S&P 500 could drop up to 11% if tensions persist past November. Wilson wants clearer trade de-escalation, steadier EPS trends, and more liquidity before confidence returns. Still, he expects a recovery in 6–12 months. Adding optimism, John Stoltzfus of Oppenheimer Holdings noted S&P 500 earnings are up 16% so far, beating forecasts.(*Walter Bloomberg)