July 13, 2026 04:01 AM GMT US Equity Strategy | North America Micro Meets Macro: 2Q Earnings Preview We expect the broadening to continue driven by earnings resiliency from the median stock. Our preferred cyclical trades— Discretionary and Transports—are showing relative strength in terms of earnings revisions breadth. Our systematic transcript analysis shows momentum building around AI adoption. M Idea Morgan Stanley & Co. LLC Michael J Wilson Equity Strategist M.Wilson@morganstanley.com +1 212 761-2532 An ...