Recent market weakness will lead to medium-term strength, says Morgan Stanley's Mike Wilson

Group 1 - Hila Packard Enterprise missed revenue expectations, while Ulta exceeded earnings and revenue estimates [1] - Morgan Stanley raised its 12-month S&P target to 7,800, indicating a bullish outlook for the market [1] - The Federal Reserve's actions are expected to provide a tailwind for the market, contributing to a broadening out of investment opportunities [4] Group 2 - There is a significant benefit to consumers from tax cuts and increased deductions, which may positively impact spending in the first half of next year [3] - Certain sectors, particularly consumer discretionary and underperforming financials, are seen as potential areas for investment growth [4][5] - The middle-income cohort is identified as the biggest beneficiary of the tax bill, with a high propensity to spend [7]