Here’s The ‘Early Warning Sign’ Morgan Stanley Worries About As Stocks Hit Record Highs

Here’s The ‘Early Warning Sign’ Morgan Stanley Worries About As Stocks Hit Record Highs

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The stock market opened right below its latest highs on Monday as Wall Street continues to gush over the impending economic recovery, but Morgan Stanley cautioned in a morning note to clients that there are signs the actual reopening will be "more difficult than we're dreaming about."

A trader works on the floor of the New York Stock Exchange.



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Key Facts





Shortly after the market open, the Dow Jones Industrial Average and S&P 500, which both closed at record highs Friday, ticked down about 0.1% each, while the tech-heavy Nasdaq slipped 0.2%.





Oil stocks are heading up market gains Monday as the price of a barrel of West Texas Intermediate jumps 2%, pushing up shares of Devon Energy, Valero Energy and Marathon Oil by about 1.5% each.





Reflecting ongoing uncertainty over the impending economic reopening, shares of the world's largest cruise operators—the cyclical stocks among last week's biggest market gainers—are heading up losses Monday, with Norwegian Cruise Line, Carnival and Royal Caribbean down 1.7%, 1.4% and 1.2%, respectively.