This driver explains why traders shouldn’t fight the S&P 500 rally

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Published: June 9, 2025 at 4:42 a.m. ET

The stock market may be more resilient than tariff headlines and noisy headlines suggest — and Morgan Stanley has the key reason why.

Markets have been pricing in a slowdown in growth since trade war hostilities commenced. For Morgan Stanley’s equity strategy team, led by Michael Wilson, this is now discounted and even though macro data and earnings may soften over the summer as a consequence of the uncertainty, they forecast a better second half of 2025.

About the Author

Jules Rimmer is a markets reporter in London.Rimmer spent more than 30 years as a trader and stockbroker in financial markets, starting at Salomon Brothers in the Liar's Poker era, taking in ING Barings, Jefferies and ending it in emerging markets at Investec. He hung up his headset and pivoted to journalism in 2021.

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