A New Bull Market Begins?

Mike Wilson, Morgan Stanley's CIO and Chief U.S. Equity Strategist, discusses the Friday payroll report and its implications for the equity market. He argues that while the report suggests a weak labor market, this data is backward-looking and subject to significant revisions. Wilson maintains his long-held thesis of a "rolling recession" that began in 2022 and bottomed in April, pointing to earnings growth and breadth, along with consumer and corporate confidence, as better indicators of economic health. He concludes that a new bull market began in April and that dips should be bought, though market consolidation or correction is possible due to potential Fed actions and liquidity concerns.