Morgan Stanley’s Wilson Says US Stock Pullback Near End, Year-End Rally May Be Brewing

Wilson's call matters less as a forecast than as a signal that sell-side sentiment is shifting from defense to selective offense, with the downside target range now treated as an accumulation zone rather than a warning level. The emphasis on quality cyclicals and discounted valuations suggests the debate is moving from whether the pullback ends to what leads the rebound. The open question is whether earnings strength holds up enough to validate that rotation, or whether the target range gets tested further before any year-end rally takes shape.