Mike Wilson says 2025 may be "a year of two halves" as stocks face high yields and a strong dollar before Trump's pro-market policies provide a boost.

Shares of Morgan Stanley MS shed 1.37% to $126.88 Tuesday, on what proved to be an all-around dismal trading session for the stock market, with the S&P 500 Index SPX falling 1.11% to 5,909.03 and Dow Jones Industrial Average DJIA falling 0.

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Morgan Stanley analysts shared a group of high-quality stocks that are cyclical and overweight-rated, as they expect the group to outperform. Analysts said that a break from the 4-4.5% 10-year yield (US10Y) “sweet spot,