Morgan Stanley: The easing of the US Iran situation drives cyclical stock rotation, and the rise in US stocks will further spread. According to Golden Ten Data on June 15th, Morgan Stanley strategists said that US stocks may receive additional boost from capital rotation to cyclical, economically sensitive industries that have lagged behind during the Iran War. The team led by Michael Wilson pointed out that reports of increased traffic in the Strait of Hormuz, as well as signs of easing drag on the stock market from interest rates, oil prices, and the US dollar, are expected to push undervalued stocks into the market leading camp. Previously, market gains were highly concentrated in high growth technology stocks. The S&P 500 index is currently only about 2% away from its historical high. Wilson stated that the recent pullback in the US stock market has been mainly led by storage chip stocks, due to a slowdown in profit momentum rather than a deterioration in fundamentals. In a bull market driven by profit growth, it is common for such a pullback to occur after a period of strong upward momentum. Wilson said, "There may still be more volatility in the market in the coming weeks, but our confidence in the current bull market remains intact