The last time corporate profits plunged into a recession, stocks kept rallying — but Morgan Stanley

Mike Wilson, the chief US equity strategist at Morgan Stanley, has been calling for a corporate-earnings recession all year. While stocks stayed resilient in 2016 during the most recent S&P 500 earnings recession, Wilson lays out several key differences between that situation and the current one. Wilson concludes that conditions are far less favorable this time around and warns investors to be careful going forward. Mike Wilson, the chief US equity strategist at Morgan Stanley, has been...