摩根士丹利：美伊局势缓和推动周期股轮动，美股涨势将进一步扩散

Odaily Planet Daily reported that strategists at Morgan Stanley stated that US stocks may gain additional momentum from capital rotating into cyclical and economically sensitive industries, which have underperformed during the Iran war. Led by Michael Wilson, the team pointed out that reports of increased traffic through the Strait of Hormuz, along with signs that the drag from interest rates, oil prices, and the US dollar on the stock market may be easing, could help undervalued stocks join the market's leading group. Previously, market gains were highly concentrated in high-growth tech stocks. The S&P 500 is currently only about 2% away from its all-time high.

Wilson stated that the recent pullback in US stocks was mainly led by memory chip stocks, due to slowing earnings momentum rather than fundamental deterioration. In a bull market driven by earnings growth, such pullbacks after a period of strong gains are a common phenomenon. Wilson said: "There may still be more volatility in the market over the next few weeks, but our confidence in the current bull market remains intact." (Jin Shi)