Morgan Stanley CIO Mike Wilson Says US Stock Pullback Is Entering Late Stages After Deep Drawdown

On March 17, 2026, Morgan Stanley CIO and Chief U.S. Equity Strategist Mike Wilson said U.S. stocks may be approaching the final phase of their current correction after months of mounting economic and geopolitical risks. He noted that about 50% of Russell 3000 constituents are already down 20% from their 52‑week highs and argued the sell-off started well before recent headlines. Wilson expects the present downturn to be milder than last year's due to stronger growth, better earnings and more supportive fiscal and monetary policy, and he sees a final wave of selling as a potential buying opportunity.