According to CoinWorld, Morgan Stanley analyst Mike Wilson believes the U.S. stock market pullback that began in June is entering its final stage, but the S&P 500 may still need to retreat to the 7,100–7,200 range before a more sustained rally can begin. He said the market must clear three hurdles: digesting the supply of financing in the artificial intelligence sector, resolving political and geopolitical uncertainties related to the U.S. midterm elections, and waiting for a possible shift in liquidity conditions. Morgan Stanley still maintains its optimistic year-end target of 8,000 for the S&P 500, but Wilson wants to see market sentiment shift further toward panic selling and clearer signs of stabilization in the semiconductor sector before considering taking on more risk.