Bloomberg Surveillance · Wednesday, September 9, 2026
Mike Wilson of Morgan Stanley identifies rising oil and interest rates as the primary near-term risks to the equity market. He notes that while equities have performed well, this is largely due to earnings growth rather than a disregard for risks, and suggests that the market is digesting these factors.
“higher oil and rates remain the main risk to equities in the near term.”
“It's just been digesting it in a way where it's not as obvious to the casual observer. Hey, the S & P hasn't really corrected. Well, it has corrected in price, in price earnings multiples. And then the averages go up because of earnings.”
“But we do worry a little bit in the short term about oil prices.”