In the dim shadows of Wall Street, where greed and despair dance hand in hand, Chris Toomey, that modern prophet of market folly at Morgan Stanley, dares to speak of risks unacknowledged, of dangers lurking behind the gilded facade. His words drip with the irony of a society blinded by its own hubris—markets still clutching onto illusions, refusing to see the abyss beneath their feet.
He warns, with a wry smile, that the equities remain “range-bound,” as if the market were a trapped beast, circling an unseen trap, waiting to snap after a false rally near 6,000 points. Ah, how they cling to numbers, hoping for salvation amidst chaos. 🎢
“I think the concern we’ve got,” he quips, “is that while we’ve taken the worst-case scenario with regards to the Liberation Day, we’re in a situation where I think the market’s right now probably pricing in the best-case scenario. I think everyone’s talking about the fact that there are probably going to be 10% tariffs across the board, 30% for China. I think that’s kind of baked in.”
And lo, the specter of stagflation—that cruel twin of economic misery—haunts their dreams: stagnant growth, inflation that gnaws like a rat in the soul, and unemployment that drags its sickly limbs behind like a condemned man.
The wise man from Morgan Stanley notes that the companies connected to China are suffering, as if poisoned by the very tariffs they once sought to exploit. The Magnificent 7, once bastions of pride, now look weary and worn, their shine dulled by the shadows of economic malaise.
“You can see that in the Magnificent 7, and you can see that in the rest of the overall S&P 500. So in our minds, that’s going to be a stagflation issue. If we do see GDP growth coming down, that might give us the opportunity for the Fed to step in next year and start cutting rates.”
As the sun sets on Tuesday, the S&P 500 languishes at 5,935—neither soaring nor sinking, merely hanging in the balance like a condemned soul awaiting judgment.
https://www.youtube.com/watch?v=H7WH4mC0y0s[/embed>
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2025-06-03 23:01