I'm a day early, but I want to wish a very Happy National Women’s Equality Day to all my fellow women out there, let’s celebrate!

Happy International Dog Day from teammate Truffie #MorganStanley #Dogs

High valuations and risks to forward earnings estimates challenge the bullish view on US stocks. We discuss in this month's On the Markets. mgstn.ly/3RvtXX4

Happy Labor Day! Labor Day pays tribute to the contributions and achievements of American workers. It was created by the labor movement in the late 19th century and became a federal holiday in 1894. Wishing everyone a safe and enjoyable day with your family and friends! #LaborDay

Data continue to suggest a longer battle on inflation, and the Fed concurs. Hear more from Lisa Shalett, Chief Investment Officer for Wealth Management & Head of the Global Investment Office: mgstn.ly/3DqrCbR

While the market outlook appears challenging, we suggest active stock picking where value has emerged and prospects for earnings achievability are good. Find out more in On the Markets. mgstn.ly/3SYbRh8

The policies of the Fed and other central banks are poised to tackle inflation. Are we on the path of an economic recession? Hear more from Chief Investment Officer Mike Wilson: mgstn.ly/3EGsKsC

Rather than chase US equity indexes amid this rally, we prefer more reasonably valued select themes including health care, credit and Asia/EM stocks. Find out more in On the Markets. mgstn.ly/3Wra4mY

Whenever this rally is finished, it's pretty likely that we're going to end up making new lows, at least for the major averages. Hear more from Chief Investment Officer Mike Wilson: mgstn.ly/3WPsrlY

As a challenging year winds down, opportunities have materialized in fixed income and emerging markets stocks. Learn more about our 2023 outlook in On the Markets. mgstn.ly/3Wra4mY

Inflation is expected to come down in 2023, which may lead to investment opportunities in fixed income, commodities and real estate to name a few. Hear more from Chief Investment Officer Mike Wilson: mgstn.ly/3W4xrlZ

In this year of transitions, focus on getting paid to wait. Consider allocations to fixed income, dividend growers and areas with low expectations, like China and EM. Find out more in On the Markets. mgstn.ly/3Z6ozy4

Transformative capital spending could drive new leadership in areas such as energy, infrastructure and real estate in coming years. Find out more in On the Markets. mgstn.ly/40e3VwB

A relatively resilient labor market and still strong capital spending backdrop suggest an economic recession may be technically avoided. Hear more from Chief Investment Officer & Head of the Global Investment Office Lisa Shalett: mgstn.ly/3DV9Ehl

Recent developments could encourage the Fed to raise rates further and keep them higher for longer than previously expected. Find out more in On the Markets. mgstn.ly/40e3VwB

What to read and listen to next? Check out these recommendations from Morgan Stanley leaders: mgstn.ly/3kMIaDU

After an aggressive rate hiking cycle in 2022, we may need to acknowledge that perhaps the economy is less interest rate-sensitive than previous years. Hear more from Chief Investment Officer & Head of the Global Investment Office Lisa Shalett: bit.ly/3YDGpa0

Although contagion risk from regional banks appears limited following policy actions, equities remain vulnerable to a lending slowdown. Find out more in On the Markets: morganstanley.com/pub/content/da…

Health care offers the right combination of offense and defense to navigate a challenging economic outlook. Find out more in On the Markets. mgstn.ly/3nqPx5C

Morgan Stanley clients with eligible brokerage accounts can earn 4.60% APY through deposits into our Preferred Savings Program for qualifying cash. Learn more and get in touch to take advantage of this great rate. morganstanley.com/campaigns/weal…