MORGAN STANLEY'S MIKE WILSON SEES THE S&P 500 FALLING TO 7,100 BEFORE RALLYING TO 8,000 He sees a few "clearing events" that could pull the S&P down about -9% from its last record, per Bloomberg: - The midterm elections - Stress over AI spending - Tighter liquidity After that, he expects a snapback. Morgan Stanley's data shows the S&P 500 has been higher 6 and 12 months after every midterm since 1950. 01-NOV-2026 12:48 PM ET