Investors should continue to hold high-quality US stocks with continuously improving earnings per share until the earnings season begins, according to Morgan Stanley strategists. The team led by Michael Wilson said that the lower valuation created better entry opportunities for high-quality cyclical stocks. “The relative performance of the financial sector is probably the most important factor in determining the short-term direction of the stock market.” The report said that as the pullback continues, the range of investment opportunities within high-quality stocks is expanding.

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