摩根士丹利：美国股票策略_每周预热_下一步走向

• Trades we like: ° Large over small caps: Better pricing power and operational efficiency should continue to benefit large caps on a relative basis late in the cycle. Small caps have more economic sensitivity and more rate sensitivity. Given the slowing macro backdrop, a Fed that's on hold and sticky back- end rates, large caps should continue to see relative outperformance. ° Healthcare over Staples for defensive hedges: Large cap healthcare trades at a 4 turn discount to the broader S&P and a 6 turn disc ...