Morgan Stanley’s Wilson keeps S&P 500 year-end target of 8,000

Wilson's split call is the tell: an unchanged 8,000 year-end target paired with a tactical downside range below the 200-day moving average implies the bank expects the AI-led drawdown to run further before it resolves. The framing of midterms as a clearing event makes the political calendar, not earnings or valuations, the pivot for the correction thesis. His separate caution on semiconductors — support possibly well below current levels, with selling pressure easing only next month — is the more actionable read for crypto and RWA markets, where AI-adjacent sentiment has been a proxy driver. Whether that easing actually arrives on his timeline is the open question.