“Basically crashed.” In a recent CNBC interview, Morgan Stanley’s Mike Wilson laid out his blunt two-word verdict on what he feels is happening beneath the surface of the S&P 500. He argues that even though the index may feel it’s stuck in a relatively tight, give-and-take range, a stealth correction is already well underway. The issue is that the damage isn’t propping up in the headlines. It’s important to note that when I last covered the S&P 500 in a Feb. 12, 2026, piece, it was trading around 6,941. ...