August 11, 2025 04:01 AM GMT US Equity Strategy | North America Weekly Warm-up: Waiting on Rate Cuts The July jobs report helps to confirm that we're transitioning to an early cycle backdrop—the rolling recovery is beginning. Attention now turns to CPI. A hot print likely means quality leadership, while a light print could mean small caps & lower quality stocks gain more durable footing. M Idea Morgan Stanley & Co. LLC Michael J Wilson Equity Strategist M.Wilson@morganstanley.com +1 212 761-2532 Andrew B Pa ...

The start of August witnessed a shift in market momentum. The S&P 500, which had recorded six successive all-time highs, entered a four-day losing streak. The decline was caused by soft jobs data and rising unemployment, along with new tariffs announced by President Donald Trump targeting U.S. trading partners.However, Morgan Stanley and Goldman Sachs believe that this could be an entry point to the market. Let’s delve a little deeper. SPDR S&P 500 ETF Trust (SPY) , which fell on Aug. 1, 2025, rebounded on ...