Morgan Stanley’s Mike Wilson:
Morgan Stanley’s Michael Wilson — among the most prominent bearish voices on US equities — warns the rally in tech stocks that’s exceeded 20% isn’t sustainable and that the sector will return to new lows.

The Nasdaq 100 has soared into a bull market as investors fled economically-sensitive sectors like banks following the collapse of several US lenders. Wilson said this rotation is taking place partly because tech is being viewed as a traditional defensive sector, though he disagrees with that thesis and sees utilities, staples and health care as having the better risk-reward profile.