Morgan Stanley chief U.S. equity strategist Mike Wilson said the S&P 500’s advance is likely to extend as investors position for expected Federal Reserve rate cuts later this year. Wilson argued that the market rebound that began in April has been driven by improving fundamentals rather than speculation. While he sees potential for a brief period of consolidation during the third quarter, Wilson maintains a bullish view for the next six to 12 months. He expects corporate earnings to strengthen alongside looser monetary policy, providing additional support for U.S. equities.