大摩：美股涨势仍将持续 回调是逢低布局的机会

Core Viewpoint - Morgan Stanley strategist Michael Wilson believes that the U.S. stock market still has further upside potential after four consecutive months of gains, as the Federal Reserve's interest rate cut cycle will resonate with strong corporate earnings [1] Group 1: Economic Outlook - The U.S. economy is entering an "early cycle phase," characterized by a continuous rebound in nominal corporate earnings alongside declining borrowing costs [1] - Small-cap stocks and other interest rate-sensitive equities have underperformed this year, indicating potential for catch-up gains [1] Group 2: Market Sentiment - Wilson disagrees with the notion that rate cut expectations have been fully priced in [1] - He warns that weak seasonal trends in September and inflation data exceeding expectations could pose risks to the current rally [1] Group 3: Market Strategy - A potential short-term market pullback could actually lay the groundwork for a strong finish to the year [1]