# Investing Through an Uneasy Boom

Page: https://stenobird.com/podcast/thoughts-on-the-market-980853/investing-through-an-uneasy-boom
Text version: https://stenobird.com/podcast/thoughts-on-the-market-980853/investing-through-an-uneasy-boom.md
Podcast: [Thoughts on the Market](https://stenobird.com/podcast/thoughts-on-the-market-980853)
Published: 2026-05-15T20:00:00+00:00
Episode link: https://pdst.fm/e/pscrb.fm/rss/p/rss.art19.com/episodes/0917f46e-0580-46d0-ba43-c8a98f4daee2.mp3?rss_browser=BAhJIg90cmFuc2NyaWJyBjoGRVQ%3D--952c5701c84ad333c69d5faa668f8177091704f0
Audio file: https://pdst.fm/e/pscrb.fm/rss/p/rss.art19.com/episodes/0917f46e-0580-46d0-ba43-c8a98f4daee2.mp3?rss_browser=BAhJIg90cmFuc2NyaWJyBjoGRVQ%3D--952c5701c84ad333c69d5faa668f8177091704f0
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JSON: https://stenobird.com/v1/public/podcasts/thoughts-on-the-market-980853/episodes/investing-through-an-uneasy-boom
Duration seconds: 302

## Resource

Our Chief Cross-Asset Strategist Serena Tang explains why investors should stay constructive in 2026, even as oil prices and geopolitics add volatility. Read more insights from Morgan Stanley. ----- Transcript ----- Welcome to Thoughts on the Market. I’m Serena Tang, Morgan Stanley’s Chief Cross-Asset Strategist. Today: our mid-year market outlook across regions and asset classes. It’s Friday, May 15th, at 10am in New York. If you’ve winced at the gas pump, hesitated before booking a flight, or checked your 401(k) a little more often than usual, you already understand the forces driving markets now. Energy prices and geopolitics are creating real uncertainty. But underneath that uncertainty, companies are still investing, earnings are still holding up, and AI is becoming one of the biggest spending cycles in the global economy. That’s why our message for the rest of 2026 is – be constructive, not complacent. Let’s start with the constructive part. Across markets, macro and micro fundamentals support risk assets. In the U.S., growth should hold up. For investors, this suggests favoring stocks over core fixed income and developed-market equities — especially the U.S. – in particular. Our U.S. Equity Strategist’s S&P 500 target for mid-2027 stands at 8,300, supported by expected earnings growth of 23 percent in 2026 and 12 percent in 2027. The momentum in returns is coming from improving earnings. Now, a striking data point: the median S&P 500 company delivered a 6 percent earnings surprise in the first quarter – the strongest in four years. Earnings revisions breadth also improved sharply. AI explains a major part of that strength. It has become a capital spending story – and increasingly, a credit market story. A year ago, we projected combined capex for the big…

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## Transcript

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