Morgan Stanley's stock price fell in early trading and then turned red. Revenue from the stock trading business exceeded expectations, but the fixed income, foreign exchange and commodities business fell short of expectations, and many large peers experienced similar situations. The impressive performance of the investment banking sector was offset by the wealth management business falling slightly short of expectations. Overall, Morgan Stanley put an end to this lackluster earnings season for large banks, which also left a lack of highlights in the beginning of broad-market earnings reports.

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