Morgan Stanley strategist Mike Wilson has indicated that a sustainable bottom in U.S. equities may require further de-risking in crowded trades. According to NS3.AI, Wilson noted that the S&P 500 recently rebounded from the 6,300–6,500 support range. He suggested that the index might revisit this range if interest rates increase or geopolitical tensions intensify, although he does not foresee a significant breakdown. Wilson identified financials, consumer discretionary, industrials, and hyperscalers as sectors with potential for a reversal.