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2021-07-23
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Morgan Stanley: This indicator warns that US stocks face "significant correction risks".
虽然标普500指数过去一个月创下新高,但市场广度指标(Market Breadth)恶化已对美股发出警报,显示美股或面临“重大调整风险”。 摩根士丹利首席股票策略师Michael Wilson在最近研
Morgan Stanley: This indicator warns that US stocks face "significant correction risks".
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16:05","market":"us","language":"zh","title":"Morgan Stanley: This indicator warns that US stocks face \"significant correction risks\".","url":"https://stock-news.laohu8.com/highlight/detail?id=2153602247","media":"华尔街见闻","summary":"虽然标普500指数过去一个月创下新高,但市场广度指标(Market Breadth)恶化已对美股发出警报,显示美股或面临“重大调整风险”。\n摩根士丹利首席股票策略师Michael Wilson在最近研","content":"<p>Although the S&P 500 hit a new high in the past month, deteriorating Market Breadth indicators have raised alarms for U.S. stocks, indicating that they may face \"significant correction risks.\"</p><p><a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>In a recent research report, chief equity strategist Michael Wilson stated that the current US stock market breadth indicator is at its lowest level in nearly a month, and the number of stocks hitting 52-week lows is increasing at a faster rate than the number hitting 52-week highs.</p><p><img src=\"https://static.tigerbbs.com/29167088202da4665dc02dc3eab60b3e\" tg-width=\"500\" tg-height=\"324\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Meanwhile, the number of stocks currently above the S&P 50-day moving average is less than 50%, which is slightly higher than the previous low of 30%, but still at a low level.<b>This suggests that some large constituent stocks may have made a major contribution to the rise in the S&P 500, while the stock market did not rise across the board.</b></p><p><img src=\"https://static.tigerbbs.com/738e2ac698d44c189e9629ab7d15146f\" tg-width=\"500\" tg-height=\"329\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Wilson stated that the situation is much worse for indices with lower-quality constituent stocks.</p><p>Furthermore, the report shows that, relative to market capitalization weighting,<b>The S&P 500 index, which has equal weightings, has experienced a significant correction, which also leads to the same conclusion as the deterioration of market breadth indicators.</b></p><p><img src=\"https://static.tigerbbs.com/4ccdb21dd8b2aad9077a296ffcb0a17c\" tg-width=\"500\" tg-height=\"332\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Cyclical and defensive stocks are also diverging, with the market increasingly shifting from the former to the latter. Wilson stated that this indicates that the US stock market is entering a more fragile period.</p><p><img src=\"https://static.tigerbbs.com/d0294e676dd9fad5a953972f4f51349d\" tg-width=\"500\" tg-height=\"335\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>In addition, regarding P/E, Wilson pointed out that forward P/E typically decline by 20% during the mid-cycle transition period; Currently, P/E has only declined by 5%, while forward yields have risen by nearly 20%. Therefore, the S&P 500 has risen by about 15% so far.</p><p>Wilson believes that all signs indicate that US stocks are currently facing significant correction risks. \"P/E should begin to fall sharply in the coming months, bringing the S&P 500 closer to our year-end target of 3,900 points,\" which would mean a 10% downside potential.</p>","source":"wallstreetcn_api","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Morgan Stanley: This indicator warns that US stocks face \"significant correction risks\".</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMorgan Stanley: This indicator warns that US stocks face \"significant correction risks\".\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2021-07-23 16:05</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Although the S&P 500 hit a new high in the past month, deteriorating Market Breadth indicators have raised alarms for U.S. stocks, indicating that they may face \"significant correction risks.\"</p><p><a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>In a recent research report, chief equity strategist Michael Wilson stated that the current US stock market breadth indicator is at its lowest level in nearly a month, and the number of stocks hitting 52-week lows is increasing at a faster rate than the number hitting 52-week highs.</p><p><img src=\"https://static.tigerbbs.com/29167088202da4665dc02dc3eab60b3e\" tg-width=\"500\" tg-height=\"324\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Meanwhile, the number of stocks currently above the S&P 50-day moving average is less than 50%, which is slightly higher than the previous low of 30%, but still at a low level.<b>This suggests that some large constituent stocks may have made a major contribution to the rise in the S&P 500, while the stock market did not rise across the board.</b></p><p><img src=\"https://static.tigerbbs.com/738e2ac698d44c189e9629ab7d15146f\" tg-width=\"500\" tg-height=\"329\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Wilson stated that the situation is much worse for indices with lower-quality constituent stocks.</p><p>Furthermore, the report shows that, relative to market capitalization weighting,<b>The S&P 500 index, which has equal weightings, has experienced a significant correction, which also leads to the same conclusion as the deterioration of market breadth indicators.</b></p><p><img src=\"https://static.tigerbbs.com/4ccdb21dd8b2aad9077a296ffcb0a17c\" tg-width=\"500\" tg-height=\"332\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>Cyclical and defensive stocks are also diverging, with the market increasingly shifting from the former to the latter. Wilson stated that this indicates that the US stock market is entering a more fragile period.</p><p><img src=\"https://static.tigerbbs.com/d0294e676dd9fad5a953972f4f51349d\" tg-width=\"500\" tg-height=\"335\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p>In addition, regarding P/E, Wilson pointed out that forward P/E typically decline by 20% during the mid-cycle transition period; Currently, P/E has only declined by 5%, while forward yields have risen by nearly 20%. Therefore, the S&P 500 has risen by about 15% so far.</p><p>Wilson believes that all signs indicate that US stocks are currently facing significant correction risks. \"P/E should begin to fall sharply in the coming months, bringing the S&P 500 closer to our year-end target of 3,900 points,\" which would mean a 10% downside potential.</p>\n<div class=\"bt-text\">\n\n\n<p> source:<a href=\"https://wallstreetcn.com/articles/3636173\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/24fa8350588843d92f819ac12ab5ce16","relate_stocks":{"MS":"摩根士丹利"},"source_url":"https://wallstreetcn.com/articles/3636173","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2153602247","content_text":"虽然标普500指数过去一个月创下新高,但市场广度指标(Market Breadth)恶化已对美股发出警报,显示美股或面临“重大调整风险”。\n摩根士丹利首席股票策略师Michael Wilson在最近研报中表示,当前美股广度指标为近一个月最低,相比创下52周新高的股票数量,创52周新低的股票以更快速度增加。\n\n同时,目前位于标普50日均线上方的股票数量低于50%,虽略高于此前30%的低点,但仍处低位。这表明,部分大型成分股可能对标普指数上升做了主要贡献,而股市并没有全面上升。\n\nWilson表示,而对于成分股质量较低的指数而言,情况还要糟糕得多。\n此外,报告显示,相对于市值加权,等权重的标普500指数已经出现大幅回调,也能与市场广度指标恶化得出相同结论。\n\n周期性和防御性股票也出现分化,市场愈发开始由前者向后者转换。Wilson称,这表明美股正进入一个更加脆弱的时期。\n\n此外,市盈率方面,Wilson指出,在周期中期过渡期间,远期市盈率通常会下降20%;而到当前市盈率只下降了5%,远期收益却上涨了近20%。因此目前为止,标普500指数上涨了约15%。\nWilson认为,种种迹象表明,美股当前面临重大调整风险,“市盈率应该会在未来几个月开始大幅下跌,使标普指数更接近我们的年终目标位3900点”,这将意味着10%的下跌空间。","news_type":1,"symbols_score_info":{"MS":0.9}},"isVote":1,"tweetType":1,"viewCount":2637,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":true}