Morgan Stanley Wealth Management today announced the results of its quarterly retail investor pulse survey:

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• Bullishness surged. More than three of five (61%) investors are bullish, up 12 percentage points from last quarter, when the majority were bearish.
• Investors think the economy is rate-cut ready. Roughly three of five investors (58%) believe the economy is healthy enough for the Fed to cut rates, a 10 percentage point increase from Q2.
• Inflation is still an issue. Inflation remains the top investor concern, dropping two percentage points to 39%, followed by tariffs (down two percentage points to 33%) and market volatility (remaining the same at 24%).
• International opportunities show appeal. Amid a shifting geopolitical landscape, a majority of investors (58%) are interested in markets outside the U.S., up four percentage points from last quarter.

“Amid tariff and geopolitical uncertainty, we’re still seeing the stock market rallying to all-time highs,” said Chris Larkin, Managing Director, Head of Trading and Investing, E*TRADE from Morgan Stanley. “While headwinds may be on the horizon, investors are holding their ground in sectors like tech and financials, while also looking abroad for new investment opportunities.”

The survey explored investor views on sector opportunities for the third quarter of 2025:

• IT –Interest in tech remains strong, increasing nine percentage points from last quarter (57%).
• Energy – Amid heightened volatility in the oil market, energy remains the second choice, with interest staying consistent at 43%.
• Financials – Financials broke into the top three this quarter (35%), as consumer finance stocks helped make the sector one of the S&P 500’s strongest over the past six months.

About the Survey

This wave of the survey was conducted from July 1 to July 16 of 2025 among an online US sample of 924 self-directed investors, investors who fully delegate investment account management to financial professionals, and investors who utilize both. The survey has a margin of error of ±3.20 percent at the 95 percent confidence level. It was fielded and administered by Dynata. The panel is broken into three investable assets: less than $500k, between $500k to $1 million, and over $1 million. The panel is 60% male and 40% female and self-select as having moderate+ investing experience, with an even distribution across geographic regions, and age bands.

About Morgan Stanley Wealth Management

Morgan Stanley Wealth Management, a global leader, provides access to a wide range of products and services to individuals, businesses and institutions, including brokerage and investment advisory services, financial and wealth planning, cash management and lending products and services, annuities and insurance, retirement and trust services.

About Morgan Stanley

Morgan Stanley (NYSE: MS) is a leading global financial services firm providing a wide range of investment banking, securities, wealth management and investment management services. With offices in 42 countries, the Firm’s employees serve clients worldwide including corporations, governments, institutions and individuals. For further information about Morgan Stanley, please visit www.morganstanley.com.

This has been prepared for informational purposes only and is not a solicitation of any offer to buy or sell any security or other financial instrument, or to participate in any trading strategy. This material does not provide individually tailored investment advice. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it. Morgan Stanley recommends that investors independently evaluate particular investments and strategies and encourages investors to seek the advice of a Financial Advisor.

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Past performance is not a guarantee or indicative of future performance. Historical data shown represents past performance and does not guarantee comparable future results.

This material contains forward-looking statements and there can be no guarantee that they will come to pass.

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