The good news is that the stock market party may not be over. The bad news is that it might be time for last call.
Morgan Stanley predicts in a report this week that stocks "can mount one last rally" this summer before hitting a peak during the second half of the year.
"We think that this bull market has limited runway," Andrew Sheets, head of cross asset strategy at the investment bank, wrote to clients.
Morgan Stanley cited a series of positives that are morphing into negatives. World economic growth is predicted to slow. Inflation is finally picking up. Washington has changed its focus from tax cuts to tariffs. And the Federal Reserve looks set to speed up interest rate hikes...