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2021-09-08

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Stocks may fall 15% by year-end, warns Morgan Stanley. Here are some portfolio moves investors might consider.<blockquote>摩根士丹利警告称，到年底，股市可能会下跌15%。以下是投资者可能考虑的一些投资组合变动。</blockquote>

'Markets are priced for perfection and vulnerable,' says the CIO of Morgan Stanley Wealth Management

Stocks may fall 15% by year-end, warns Morgan Stanley. Here are some portfolio moves investors might consider.<blockquote>摩根士丹利警告称，到年底，股市可能会下跌15%。以下是投资者可能考虑的一些投资组合变动。</blockquote>

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{"i18n":{"language":"zh_CN"},"data":{"magic":2,"id":880454096,"tweetId":"880454096","gmtCreate":1631075514515,"gmtModify":1632884772829,"author":{"id":4090406268906170,"idStr":"4090406268906170","authorId":4090406268906170,"authorIdStr":"4090406268906170","name":"Altera","avatar":"https://static.tigerbbs.com/d78fb5fffa813b663f88fe89f435a0e5","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":0,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body>Hmmmm</body></html>","htmlText":"<html><head></head><body>Hmmmm</body></html>","text":"Hmmmm","highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/880454096","repostId":2165368421,"repostType":4,"repost":{"id":"2165368421","kind":"highlight","pubTimestamp":1631060195,"share":"https://www.laohu8.com/m/news/2165368421?lang=zh_CN&edition=full","pubTime":"2021-09-08 08:16","market":"us","language":"en","title":"Stocks may fall 15% by year-end, warns Morgan Stanley. Here are some portfolio moves investors might consider.<blockquote>摩根士丹利警告称，到年底，股市可能会下跌15%。以下是投资者可能考虑的一些投资组合变动。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2165368421","media":"MarketWatch","summary":"'Markets are priced for perfection and vulnerable,' says the CIO of Morgan Stanley Wealth Management","content":"'Markets are priced for perfection and vulnerable,' says the CIO of Morgan Stanley Wealth Management<blockquote>摩根士丹利财富管理公司首席信息官表示，“市场的定价是完美和脆弱的”</blockquote> <img src=\"https://static.tigerbbs.com/a01bf576907b812090131b9f0a817516\" tg-width=\"700\" tg-height=\"467\" width=\"100%\" height=\"auto\">Investors appear to be putting their 'faith' in the Federal Reserve, says Morgan Stanley Wealth Management.<blockquote>摩根士丹利财富管理公司表示，投资者似乎对美联储抱有“信心”。</blockquote> Morgan Stanley's optimistic view of the economy isn't keeping it from warning about a looming correction in the U.S. stock market.<blockquote>摩根士丹利对经济的乐观看法并没有阻止其对美国股市即将出现调整的警告。</blockquote> \"The issue is that the markets are priced for perfection and vulnerable, especially since there hasn't been a correction greater than 10% since the March 2020 low,\" said Lisa Shalett, chief investment officer of Morgan Stanley Wealth Management, in a note Tuesday. The bank's global investment committee expects a stock-market pullback of 10% to 15% before the end of the year, she wrote.<blockquote>摩根士丹利财富管理公司首席投资官丽莎·沙莱特(Lisa Shalett)在一份报告中表示：“问题在于，市场定价完美且脆弱，特别是自2020年3月低点以来，调整幅度从未超过10%。”周二。她写道，该银行全球投资委员会预计年底前股市将回调10%至15%。</blockquote> \"The strength of major U.S. equity indexes during August and the first few days of September, pushing to yet more daily and consecutive new highs in the face of concerning developments, is no longer constructive in the spirit of 'climbing a wall of worry,'\" said Shalett. \"Consider taking profits in index funds,\" she said, as stock benchmarks have dismissed \"resurgent COVID-19 hospitalizations, plummeting consumer confidence, higher interest rates and significant geopolitical shifts.\"<blockquote>“美国主要股指在8月和9月头几天的强势，面对令人担忧的事态发展，每天都创下更多连续新高，但本着‘爬上担忧之墙’的精神，这不再具有建设性。””沙莱特说。她表示，“考虑在指数基金中获利了结”，因为股票基准已经排除了“COVID-19住院人数死灰复燃、消费者信心暴跌、利率上升和地缘政治重大转变”的影响。</blockquote> She suggested rebalancing investment portfolios toward \"high-quality cyclicals,\" particularly stocks in the financial sector, while seeking \"consistent dividend-payers in consumer services, consumer staples and health care.\"<blockquote>她建议重新平衡投资组合，转向“优质周期性股票”，特别是金融行业的股票，同时寻求“消费服务、必需消费品和医疗保健领域持续的股息支付者”。</blockquote> Megatech stocks have been defying the transition that stocks typically make mid-cycle, with their price-to-earnings ratios remaining elevated despite declining in other areas of the market, such as cyclical and small-cap stocks, the Morgan Stanley report shows.<blockquote>摩根士丹利的报告显示，大型科技股一直无视股票通常在周期中期进行的转型，尽管市场其他领域（例如周期性股票和小盘股）下跌，但它们的市盈率仍然很高。</blockquote> <img src=\"https://static.tigerbbs.com/a3a39edba8046c13b53de255d846cd3a\" tg-width=\"699\" tg-height=\"435\" width=\"100%\" height=\"auto\">A Morgan Stanley Wealth Management note from Sept. 7, 2021.<blockquote>摩根士丹利财富管理公司2021年9月7日的报告。</blockquote> \"As business and market cycles move through recession, recovery, repair and on to expansion, interest rates typically begin to normalize and price/earnings (P/E) ratios compress as stock gains are increasingly powered by profit growth as opposed to policymakers,\" wrote Shalett. But dominant megacap tech leaders in the stock market have not followed that \"playbook.\"<blockquote>“随着商业和市场周期经历衰退、复苏、修复和扩张，利率通常会开始正常化，市盈率(P/E)会压缩，因为股票上涨越来越多地受到利润增长而不是政策制定者的推动，”沙莱特写道。但股市中占主导地位的大型科技领导者并没有遵循这一“剧本”。</blockquote> Although Morgan Stanley remains \"sanguine on the economic outlook,\" with Shalett citing \"solid prospects for capital expenditures and strengthening labor markets,\" the bank's global investment committee is increasingly worried about market valuations, according to her note.<blockquote>根据她的报告，尽管摩根士丹利仍然“对经济前景持乐观态度”，沙莱特引用了“资本支出和劳动力市场走强的稳健前景”，但该行全球投资委员会越来越担心市场估值。</blockquote> The tech-laden Nasdaq Composite index ended Tuesday at another all-time closing high as the Dow Jones Industrial Average and the S&amp;P 500 benchmarks for U.S. stocks retreated. The Dow, a blue-chip gauge of the U.S. stock market, and the S&amp;P 500, an index that is top-heavy with tech exposure, remain near their recent peaks.<blockquote>随着道琼斯工业平均指数和美国股市标普500基准指数回落，以科技股为主的纳斯达克综合指数周二收于另一个历史收盘高点。衡量美国股市蓝筹股的道琼斯指数和科技股头重脚轻的标普500指数仍接近近期峰值。</blockquote> Meanwhile, the yield on the 10-year Treasury note rose almost 5 basis points Tuesday to 1.37%, the highest since July 13, according to Dow Jones Market data. Bond yields and prices move in opposite directions.<blockquote>与此同时，根据道琼斯市场数据，10年期国债收益率周二上涨近5个基点至1.37%，为7月13日以来的最高水平。债券收益率和价格走势相反。</blockquote> \"Real interest rates are finally grinding higher not only because Fed tapering is expected to officially commence by the end of the year, but as global economies rebound and 'safe haven' foreign liquidity moves out of overpriced U.S. Treasuries,\" Shalett said. \"Higher interest rates should pressure price/earnings multiples, which are already well above historic norms, especially when taking into account current levels of measured and realized inflation.\"<blockquote>Shalett表示：“实际利率最终走高，不仅因为美联储预计将在今年年底正式开始缩减规模，而且随着全球经济反弹以及‘避险’外国流动性从定价过高的美国国债中流出。”“更高的利率应该会给市盈率带来压力，市盈率已经远高于历史正常水平，特别是考虑到当前测量和实现的通胀水平。”</blockquote> Investors appear to be putting their \"faith\" in the Federal Reserve, with its \"masterfully nuanced communications,\" to achieve its policy goals, according to Shalett. Fed Chair Jerome Powell \"has seemingly convinced investors that he and his policymaking colleagues are capable of delicately threading the policy needle without making mistakes,\" she wrote.<blockquote>沙利特表示，投资者似乎对美联储“充满信心”，通过其“巧妙细致入微的沟通”来实现其政策目标。她写道，美联储主席杰罗姆·鲍威尔“似乎让投资者相信，他和他的政策制定同事有能力在不犯错误的情况下微妙地穿针引线”。</blockquote> For example, markets appeared encouraged after the central bank reiterated its view at the Jackson Hole, Wyo., economic policy symposium in late August that inflation is temporary, the eventual tapering of its asset purchases is not policy tightening, and that \"actual rate hikes are tied to the very high bar of their new criteria of 'maximum' employment,\" according to Shalett.<blockquote>例如，在央行在8月底怀俄明州杰克逊霍尔经济政策研讨会上重申其观点后，市场似乎受到了鼓舞，即通胀是暂时的，最终缩减资产购买并不是政策收紧，并且“实际加息”沙利特表示，这与他们新的‘最大’就业标准的非常高的标准有关。</blockquote> \"Both stock and bond investors cheered,\" she said, \"leaving asset bubbles and financial stability concerns be damned.\"<blockquote>“股票和债券投资者都欢呼雀跃，”她说，“让资产泡沫和金融稳定担忧见鬼去吧。”</blockquote>","source":"market_watch","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>Stocks may fall 15% by year-end, warns Morgan Stanley. Here are some portfolio moves investors might consider.<blockquote>摩根士丹利警告称，到年底，股市可能会下跌15%。以下是投资者可能考虑的一些投资组合变动。</blockquote></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; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\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\">\nStocks may fall 15% by year-end, warns Morgan Stanley. Here are some portfolio moves investors might consider.<blockquote>摩根士丹利警告称，到年底，股市可能会下跌15%。以下是投资者可能考虑的一些投资组合变动。</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nMarketWatch2021-09-08 08:16\n\n</h4>\n</header>\n<article>\n'Markets are priced for perfection and vulnerable,' says the CIO of Morgan Stanley Wealth Management<blockquote>摩根士丹利财富管理公司首席信息官表示，“市场的定价是完美和脆弱的”</blockquote> <img src=\"https://static.tigerbbs.com/a01bf576907b812090131b9f0a817516\" tg-width=\"700\" tg-height=\"467\" width=\"100%\" height=\"auto\">Investors appear to be putting their 'faith' in the Federal Reserve, says Morgan Stanley Wealth Management.<blockquote>摩根士丹利财富管理公司表示，投资者似乎对美联储抱有“信心”。</blockquote> Morgan Stanley's optimistic view of the economy isn't keeping it from warning about a looming correction in the U.S. stock market.<blockquote>摩根士丹利对经济的乐观看法并没有阻止其对美国股市即将出现调整的警告。</blockquote> \"The issue is that the markets are priced for perfection and vulnerable, especially since there hasn't been a correction greater than 10% since the March 2020 low,\" said Lisa Shalett, chief investment officer of Morgan Stanley Wealth Management, in a note Tuesday. The bank's global investment committee expects a stock-market pullback of 10% to 15% before the end of the year, she wrote.<blockquote>摩根士丹利财富管理公司首席投资官丽莎·沙莱特(Lisa Shalett)在一份报告中表示：“问题在于，市场定价完美且脆弱，特别是自2020年3月低点以来，调整幅度从未超过10%。”周二。她写道，该银行全球投资委员会预计年底前股市将回调10%至15%。</blockquote> \"The strength of major U.S. equity indexes during August and the first few days of September, pushing to yet more daily and consecutive new highs in the face of concerning developments, is no longer constructive in the spirit of 'climbing a wall of worry,'\" said Shalett. \"Consider taking profits in index funds,\" she said, as stock benchmarks have dismissed \"resurgent COVID-19 hospitalizations, plummeting consumer confidence, higher interest rates and significant geopolitical shifts.\"<blockquote>“美国主要股指在8月和9月头几天的强势，面对令人担忧的事态发展，每天都创下更多连续新高，但本着‘爬上担忧之墙’的精神，这不再具有建设性。””沙莱特说。她表示，“考虑在指数基金中获利了结”，因为股票基准已经排除了“COVID-19住院人数死灰复燃、消费者信心暴跌、利率上升和地缘政治重大转变”的影响。</blockquote> She suggested rebalancing investment portfolios toward \"high-quality cyclicals,\" particularly stocks in the financial sector, while seeking \"consistent dividend-payers in consumer services, consumer staples and health care.\"<blockquote>她建议重新平衡投资组合，转向“优质周期性股票”，特别是金融行业的股票，同时寻求“消费服务、必需消费品和医疗保健领域持续的股息支付者”。</blockquote> Megatech stocks have been defying the transition that stocks typically make mid-cycle, with their price-to-earnings ratios remaining elevated despite declining in other areas of the market, such as cyclical and small-cap stocks, the Morgan Stanley report shows.<blockquote>摩根士丹利的报告显示，大型科技股一直无视股票通常在周期中期进行的转型，尽管市场其他领域（例如周期性股票和小盘股）下跌，但它们的市盈率仍然很高。</blockquote> <img src=\"https://static.tigerbbs.com/a3a39edba8046c13b53de255d846cd3a\" tg-width=\"699\" tg-height=\"435\" width=\"100%\" height=\"auto\">A Morgan Stanley Wealth Management note from Sept. 7, 2021.<blockquote>摩根士丹利财富管理公司2021年9月7日的报告。</blockquote> \"As business and market cycles move through recession, recovery, repair and on to expansion, interest rates typically begin to normalize and price/earnings (P/E) ratios compress as stock gains are increasingly powered by profit growth as opposed to policymakers,\" wrote Shalett. But dominant megacap tech leaders in the stock market have not followed that \"playbook.\"<blockquote>“随着商业和市场周期经历衰退、复苏、修复和扩张，利率通常会开始正常化，市盈率(P/E)会压缩，因为股票上涨越来越多地受到利润增长而不是政策制定者的推动，”沙莱特写道。但股市中占主导地位的大型科技领导者并没有遵循这一“剧本”。</blockquote> Although Morgan Stanley remains \"sanguine on the economic outlook,\" with Shalett citing \"solid prospects for capital expenditures and strengthening labor markets,\" the bank's global investment committee is increasingly worried about market valuations, according to her note.<blockquote>根据她的报告，尽管摩根士丹利仍然“对经济前景持乐观态度”，沙莱特引用了“资本支出和劳动力市场走强的稳健前景”，但该行全球投资委员会越来越担心市场估值。</blockquote> The tech-laden Nasdaq Composite index ended Tuesday at another all-time closing high as the Dow Jones Industrial Average and the S&amp;P 500 benchmarks for U.S. stocks retreated. The Dow, a blue-chip gauge of the U.S. stock market, and the S&amp;P 500, an index that is top-heavy with tech exposure, remain near their recent peaks.<blockquote>随着道琼斯工业平均指数和美国股市标普500基准指数回落，以科技股为主的纳斯达克综合指数周二收于另一个历史收盘高点。衡量美国股市蓝筹股的道琼斯指数和科技股头重脚轻的标普500指数仍接近近期峰值。</blockquote> Meanwhile, the yield on the 10-year Treasury note rose almost 5 basis points Tuesday to 1.37%, the highest since July 13, according to Dow Jones Market data. Bond yields and prices move in opposite directions.<blockquote>与此同时，根据道琼斯市场数据，10年期国债收益率周二上涨近5个基点至1.37%，为7月13日以来的最高水平。债券收益率和价格走势相反。</blockquote> \"Real interest rates are finally grinding higher not only because Fed tapering is expected to officially commence by the end of the year, but as global economies rebound and 'safe haven' foreign liquidity moves out of overpriced U.S. Treasuries,\" Shalett said. \"Higher interest rates should pressure price/earnings multiples, which are already well above historic norms, especially when taking into account current levels of measured and realized inflation.\"<blockquote>Shalett表示：“实际利率最终走高，不仅因为美联储预计将在今年年底正式开始缩减规模，而且随着全球经济反弹以及‘避险’外国流动性从定价过高的美国国债中流出。”“更高的利率应该会给市盈率带来压力，市盈率已经远高于历史正常水平，特别是考虑到当前测量和实现的通胀水平。”</blockquote> Investors appear to be putting their \"faith\" in the Federal Reserve, with its \"masterfully nuanced communications,\" to achieve its policy goals, according to Shalett. Fed Chair Jerome Powell \"has seemingly convinced investors that he and his policymaking colleagues are capable of delicately threading the policy needle without making mistakes,\" she wrote.<blockquote>沙利特表示，投资者似乎对美联储“充满信心”，通过其“巧妙细致入微的沟通”来实现其政策目标。她写道，美联储主席杰罗姆·鲍威尔“似乎让投资者相信，他和他的政策制定同事有能力在不犯错误的情况下微妙地穿针引线”。</blockquote> For example, markets appeared encouraged after the central bank reiterated its view at the Jackson Hole, Wyo., economic policy symposium in late August that inflation is temporary, the eventual tapering of its asset purchases is not policy tightening, and that \"actual rate hikes are tied to the very high bar of their new criteria of 'maximum' employment,\" according to Shalett.<blockquote>例如，在央行在8月底怀俄明州杰克逊霍尔经济政策研讨会上重申其观点后，市场似乎受到了鼓舞，即通胀是暂时的，最终缩减资产购买并不是政策收紧，并且“实际加息”沙利特表示，这与他们新的‘最大’就业标准的非常高的标准有关。</blockquote> \"Both stock and bond investors cheered,\" she said, \"leaving asset bubbles and financial stability concerns be damned.\"<blockquote>“股票和债券投资者都欢呼雀跃，”她说，“让资产泡沫和金融稳定担忧见鬼去吧。”</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.marketwatch.com/story/stocks-may-fall-15-by-year-end-warns-morgan-stanley-here-are-some-portfolio-moves-investors-might-consider-11631057723?mod=home-page\">MarketWatch</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"https://www.marketwatch.com/story/stocks-may-fall-15-by-year-end-warns-morgan-stanley-here-are-some-portfolio-moves-investors-might-consider-11631057723?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/599a65733b8245fcf7868668ef9ad712","article_id":"2165368421","content_text":"'Markets are priced for perfection and vulnerable,' says the CIO of Morgan Stanley Wealth Management\nInvestors appear to be putting their 'faith' in the Federal Reserve, says Morgan Stanley Wealth Management.\nMorgan Stanley's optimistic view of the economy isn't keeping it from warning about a looming correction in the U.S. stock market.\n\"The issue is that the markets are priced for perfection and vulnerable, especially since there hasn't been a correction greater than 10% since the March 2020 low,\" said Lisa Shalett, chief investment officer of Morgan Stanley Wealth Management, in a note Tuesday. The bank's global investment committee expects a stock-market pullback of 10% to 15% before the end of the year, she wrote.\n\"The strength of major U.S. equity indexes during August and the first few days of September, pushing to yet more daily and consecutive new highs in the face of concerning developments, is no longer constructive in the spirit of 'climbing a wall of worry,'\" said Shalett. \"Consider taking profits in index funds,\" she said, as stock benchmarks have dismissed \"resurgent COVID-19 hospitalizations, plummeting consumer confidence, higher interest rates and significant geopolitical shifts.\"\nShe suggested rebalancing investment portfolios toward \"high-quality cyclicals,\" particularly stocks in the financial sector, while seeking \"consistent dividend-payers in consumer services, consumer staples and health care.\"\nMegatech stocks have been defying the transition that stocks typically make mid-cycle, with their price-to-earnings ratios remaining elevated despite declining in other areas of the market, such as cyclical and small-cap stocks, the Morgan Stanley report shows.\nA Morgan Stanley Wealth Management note from Sept. 7, 2021.\n\"As business and market cycles move through recession, recovery, repair and on to expansion, interest rates typically begin to normalize and price/earnings (P/E) ratios compress as stock gains are increasingly powered by profit growth as opposed to policymakers,\" wrote Shalett. But dominant megacap tech leaders in the stock market have not followed that \"playbook.\"\nAlthough Morgan Stanley remains \"sanguine on the economic outlook,\" with Shalett citing \"solid prospects for capital expenditures and strengthening labor markets,\" the bank's global investment committee is increasingly worried about market valuations, according to her note.\nThe tech-laden Nasdaq Composite index ended Tuesday at another all-time closing high as the Dow Jones Industrial Average and the S&P 500 benchmarks for U.S. stocks retreated. The Dow, a blue-chip gauge of the U.S. stock market, and the S&P 500, an index that is top-heavy with tech exposure, remain near their recent peaks.\nMeanwhile, the yield on the 10-year Treasury note rose almost 5 basis points Tuesday to 1.37%, the highest since July 13, according to Dow Jones Market data. Bond yields and prices move in opposite directions.\n\"Real interest rates are finally grinding higher not only because Fed tapering is expected to officially commence by the end of the year, but as global economies rebound and 'safe haven' foreign liquidity moves out of overpriced U.S. Treasuries,\" Shalett said. \"Higher interest rates should pressure price/earnings multiples, which are already well above historic norms, especially when taking into account current levels of measured and realized inflation.\"\nInvestors appear to be putting their \"faith\" in the Federal Reserve, with its \"masterfully nuanced communications,\" to achieve its policy goals, according to Shalett. Fed Chair Jerome Powell \"has seemingly convinced investors that he and his policymaking colleagues are capable of delicately threading the policy needle without making mistakes,\" she wrote.\nFor example, markets appeared encouraged after the central bank reiterated its view at the Jackson Hole, Wyo., economic policy symposium in late August that inflation is temporary, the eventual tapering of its asset purchases is not policy tightening, and that \"actual rate hikes are tied to the very high bar of their new criteria of 'maximum' employment,\" according to Shalett.\n\"Both stock and bond investors cheered,\" she said, \"leaving asset bubbles and financial stability concerns be damned.\"","news_type":1,"symbols_score_info":{".IXIC":0.9,".DJI":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":873,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":5,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}