Morgan Stanley warns against false start to bull market rally.

Morgan Stanley's chief US equity strategist, Michael Wilson, has warned that the recent rally in the US stock market is not the start of a bull market. Wilson cited technical signals, including the looming debt-ceiling deadline, lofty valuations, and broad cyclical underperformance by regional banks, retailers, and transport, as reasons for his bearish outlook. He also believes that last week's market movement was indicative of "panic buying." Despite sticky inflation, banking turmoil, and the threat of a first-ever US debt default, equities seem poised to continue their momentum.