Morgan Stanley, a financial holding company, provides various financial products and services to corporations, governments, financial institutions, and individuals in the Americas, Europe, the Middle East, Africa, and Asia. It operates through Institutional Securities, Wealth Management, and Investment Management segments. The Institutional Securities segment offers capital raising and financial advisory services, including services related to the underwriting of debt, equity, and other securities, as well as advice on mergers and acquisitions, restructurings, real estate, and project finance. This segment also provides equity and fixed income products comprising sales, financing, prime brokerage, and market-making services; foreign exchange and commodities; corporate and commercial real estate loans, commercial mortgage and secured lending facilities, and financing for sales and trading customers, and asset-backed and mortgage lending; and wealth management services, investment, and research services. The Wealth Management segment offers financial advisor-led brokerage, custody, administrative, and investment advisory services; self-directed brokerage services; financial and wealth planning services; workplace services, including stock plan administration; annuity and insurance products; securities-based lending, residential real estate loans, and other lending products; banking; and retirement plan services to individual investors and small to medium-sized businesses and institutions. The Investment Management segment provides equity, fixed income, alternatives and solutions, and liquidity and overlay services to benefit/defined contribution plans, foundations, endowments, government entities, sovereign wealth funds, insurance companies, third-party fund sponsors, corporations, and individuals through institutional and intermediary channels. The company was founded in 1924 and is headquartered in New York, New York.

Morgan Stanley демонстрирует смешанную фундаментальную картину. С одной стороны, P/E, P/S и P/B выше медианных значений в отрасли, что может указывать на переоцененность компании. Однако ROE и ROA значительно выше медианы, что говорит о высоком уровне рентабельности. Уровни маржи, такие как net profit margin и operating margin, также превосходят медианные значения, что является положительным знаком. С другой стороны, высокая долговая нагрузка (debt/equity ratio) и низкие значения текущего и быстрой ликвидности вызывают опасения в отношении финансовой устойчивости. Дивидендная доходность снижается, что может негативно сказаться на привлекательности для инвесторов, ориентирующихся на доход. Несмотря на сильные показатели выручки и роста прибыли, высокая оценка по мультипликаторам и долговая нагрузка создают риски, которые следует учитывать при принятии инвестиционных решений.

Morgan Stanley

Key Points
Artificial intelligence (AI) data centers are energy intensive.
SMR technology could meet this growing need for energy.
In the U.S. and throughout many regions globally, the adoption of nuclear power has plateaued. Concerns over safety and environmental impacts proved rampant across many communities.
There's just one problem: The data center industry, driven by rising demand for artificial intelligence (AI) technologies, will require huge amounts of additional power in the years and decades to come. The current energy paradigm doesn't seem well suited to meet this new demand catalyst.
Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue »
That's why a new breed of nuclear stocks is garnering a sharp rise in interest. Two stocks in particular are leading the charge. For patient investors, these stocks could be the ticket to making a fortune.
Nuclear energy is positioned to succeed
Small modular reactor (SMR) technology -- which specializes in deploying smaller, modular reactors that dramatically lower initial lead times and costs while also being able to meet the needs of more remote, off-grid applications -- is experiencing a renaissance.
Originally conceived in the 1950s, interest and development of this technology stalled for decades. But in 2020, NuScale Power (NYSE: SMR) received the first approval from the U.S. Nuclear Energy Commission for an SMR power plant design. In 2025, it received another design approval for an even bigger plant. Oklo (NYSE: OKLO), another SMR stock, is currently in the process of approvals.
It's not hard to see what the market opportunity here is. The potential for SMR technology to meet the needs of the AI and data center industries is now a focal point for both companies' pitches to investors. NuScale's investor relations team is quick to point out that AI data center power demand is expected to triple between 2024 and 2030. The company believes that roughly 300 GW of new nuclear capacity will be needed to meet this "historical" electric demand growth. Meanwhile, data centers are the first thing mentioned in Oklo's investor presentations when speaking on potential growth catalysts.
Many analysts agree with the potential for SMR technology to meet the rapidly growing needs of the AI sector. A recent report from global consultancy Deloitte stressed the "rising power demand from data centers to drive artificial intelligence growth," concluding that "nuclear energy appears to be emerging as an attractive option."
SMR installations hold multiple advantages. These facilities deliver reliable base load power regardless of weather, while impressive energy density allows these facilities to be located in difficult or costly build sites through a smaller footprint. SMR plants are often scalable, allowing more bespoke deployments and the option to expand the plant's output over time. This technology can also greatly reduce a data center's potential carbon footprint -- historically a popular need among big tech firms with climate commitments.
Time to buy Oklo or NuScale Power stock?
The nuclear energy renaissance is already underway. According to Morgan Stanley, "nuclear capacity could more than double to 860 gigawatts (GW) by 2050, from 398 GW currently." The firm believes that investments throughout the nuclear value chain "could reach $2.2 trillion in the next 25 years."
But does this make SMR stocks like Oklo and NuScale Power a buy? The honest answer is: maybe.
Oklo and NuScale certainly could have a role to play in meeting the energy needs of the AI and data center industries. But the actual viability of their technology -- both from a cost and demand perspective -- remains unclear. Both companies have inked early customers. But keep in mind that Oklo's designs aren't even approved in the U.S. yet, while NuScale Power just saw a major project delayed by several years, with operation now not expected until 2034.
In short, there's a long way to go until we learn whether SMR technology will ever become mainstream. Some experts worry this approach to nuclear power will never prove more viable than a conventional, large nuclear plant.
But following a sharp correction, NuScale Power trades at a market cap of just $4.1 billion, with Oklo valued at just $9.6 billion. That's cheap compared to estimates for nuclear over the next few decades. A report from Bank of America, for example, sees this as a $10 trillion opportunity. But from now until 2040, it believes that SMR deployments will only total around 50 GW of new capacity -- less than 10% of the total growth expected.
NuScale Power and Oklo shares are much cheaper than they were just a few months ago. And the opportunity for nuclear could make these stocks extremely lucrative for patient shareholders. But these fortune-making stocks are not without notable risk.
Should you buy stock in Oklo right now?
Before you buy stock in Oklo, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Oklo wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $508,607!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,122,746!*
Now, it’s worth noting Stock Advisor’s total average return is 933% — a market-crushing outperformance compared to 188% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
*Stock Advisor returns as of March 14, 2026.
Bank of America is an advertising partner of Motley Fool Money. Ryan Vanzo has no position in any of the stocks mentioned. The Motley Fool recommends NuScale Power. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

These 2 Nuclear Stocks Could Turn $10,000 Into a Fortune

Key Points
Palantir Technologies is currently worth $360 billion, but Shopify and AppLovin could top that figure within five years.
Shopify has added AI features to its platform and integrated merchants' product catalogs into major AI applications like ChatGPT.
AppLovin has developed a powerful recommendation engine that leans on AI and proprietary data to target advertising campaigns.
Palantir Technologies stock has nearly doubled over the past year, bringing its market value to $360 billion. I think Shopify (NASDAQ: SHOP) and AppLovin (NASDAQ: APP) can top that figure within five years. Here's what that would mean for shareholders:
Shopify is currently worth $172 billion. The stock must increase 110% to achieve a market value of $361 billion. If that happens in five years, the implied return is about 16% annually.
AppLovin is currently worth $160 billion. The stock must increase 126% to attain a market value of $361 billion. If that happens in five years, the implied return is about 18% annually.
Here's what investors should know about these artificial intelligence stocks.
Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue »
1. Shopify
Shopify develops commerce software that serves as a centralized dashboard from which merchants can manage sales across physical and digital stores, including social media, online marketplaces, and custom websites. The company supplements its core software with adjacent solutions for marketing, payments, and logistics.
Consultancy Gartner recently recognized Shopify as a leader in digital commerce, listing rapid innovation, enterprise-grade reliability, and support for businesses of all sizes as important strengths. Indeed, Shopify is gaining traction with enterprise customers because of its introduction of more sophisticated features such as advanced analytics, deeply customizable storefronts, and wholesale commerce tools.
Shopify is well positioned to benefit from artificial intelligence. The company worked with Alphabet's Google to co-develop the Universal Commerce Protocol, an open standard that integrates merchant product catalogs into AI agents such as Gemini and ChatGPT. Since January 2025, orders from AI search have soared fifteenfold.
Meanwhile, Shopify has also introduced AI features that automate store building, marketing, and back office management. During the three-week period following the last update, the company's AI assistant, Sidekick, generated about 4,000 applications, created more than 29,000 automations, built nearly 355,000 task lists, and edited 1.2 million photos, according to President Harley Finkelstein.
Shopify reported strong financial results in 2025. Sales increased 30% to $11.5 billion, an acceleration from 26% in the previous year, as the company continued to gain market share. Meanwhile, operating income increased 37% to $1.5 billion.
Here's how Shopify could top Palantir's current market value within five years: Wall Street expects earnings to increase at 28% annually through 2027. That makes the current valuation of 91 times earnings look rather expensive. But if Shopify's earnings increase at 28% annually over the next five years, its market value can reach $362 billion while the valuation drops to a more reasonable 56 times earnings.
2. AppLovin
AppLovin develops ad tech software. The company initially focused on the mobile gaming industry, where it helped developers market and monetize applications. But the company recently expanded into web-based advertising with its new self-service platform, which will eventually automate every workflow from campaign creation to optimization.
AppLovin has differentiated itself with Axon, a "best-in-class machine learning ad engine," according to Morgan Stanley. Axon excels at targeting campaigns because AppLovin also owns a mediation platform called Max, which lets publishers sell inventory across multiple ad networks. Data gathered from that process is used to train the artificial intelligence models that power Axon.
Indeed, AppLovin delivers a 45% higher return on ad spending than Meta Platforms, and a 115% higher return on ad spending than secondary platforms such as TikTok, Pinterest, Snap's Snapchat, and Alphabet's YouTube, according to marketing attribution company Northbeam. For that reason, Mark Giarelli at Morningstar says Axon affords AppLovin a durable competitive advantage.
AppLovin reported strong financial results in 2025. Advertising revenue increased 70% to $5.4 billion, and net income from continuing operations (i.e., excluding the mobile gaming unit the company sold in June 2025) increased 116% to $3.4 billion.
Here's how AppLovin could top Palantir's current valuation within five years: Wall Street expects the company's earnings will increase at 44% annually through 2027, which makes the current valuation of 49 times earnings look reasonable. But even if AppLovin's earnings increase at a more conservative pace of 30% annually over the next five years, its market value can reach $365 billion while the valuation falls to 30 times earnings.
Should you buy stock in Shopify right now?
Before you buy stock in Shopify, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Shopify wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $511,735!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,140,464!*
Now, it’s worth noting Stock Advisor’s total average return is 946% — a market-crushing outperformance compared to 191% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
*Stock Advisor returns as of March 13, 2026.
Trevor Jennewine has positions in Palantir Technologies and Shopify. The Motley Fool has positions in and recommends Alphabet, Palantir Technologies, Pinterest, and Shopify. The Motley Fool recommends Gartner. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Prediction: 2 AI Stocks Will Be Worth More Than Palantir Technologies in 5 Years

Key Points
Joby Aviation is the frontrunner of the nascent eVTOL industry.
Morgan Stanley estimates the air mobility market will be worth $5 trillion in 2050.
Joby's air taxis will need to be deeply embedded in everyday life for this stock to grow a hundredfold.
In the last 15 years, only a handful of stocks have grown a hundredfold. One might name, for instance, Tesla, which has grown about 2,290% since January 2011, or Nvidia , whose growth in that time frame is more than double at 4,810%. Companies like these belong to a rare breed that become so dominant their daily stock price movements can shift an entire index.
Joby Aviation (NYSE: JOBY) is not one of these companies. And that's good news, for now. It's currently at the threshold of what could be a breakout performance, so long as the regulatory winds blow in its favor. As the frontrunner of the nascent electric vertical takeoff and landing (eVTOL) industry, Joby is edging into a $5 trillion market opportunity: air mobility.
Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue »
The next decade could be an exciting time for Joby's early investors, though a lot will have to go right for this aviation stock to grow a hundredfold.
The next 100-bagger? Joby has runway, but no lift off yet
Let's pretend, briefly, that your daily commute involves an hour of traffic both ways. Maybe it already does, or your commute is longer than hour, or it feels like an hour (especially after work). In any case, you can imagine the frustration of sitting in stop-and-go traffic for a stretch of road that likely only takes five minutes to drive at a less-congested hour.
Now imagine that same scenario, but instead of sitting in traffic, you're flying above it. Not in an airplane, nor a helicopter, but something like a cross between them. It has six tilting rotors, so it can lift up and down but fly forward. It's quiet, seats four passengers, and saves you about 50 minutes from that hour-long commute.
That's a piece of the vision that Joby Aviation is trying to sell. Its flagship product is a kind of air taxi, an Uber of the sky, so to speak, that could fly you to the office or airport or around a congested city.
It's a big idea, and research from Morgan Stanley thinks so, too. Back in 2021, it estimated that the urban air mobility market would be worth $5 trillion by 2050.
Now, set aside this vision. Because here's the reality: Joby is essentially pre-revenue, and it lacks the Federal Aviation Administration-type certification to fly passengers commercially. It also lacks the infrastructure (think: aircraft and vertiports) to make its air taxi vision a dream come true, something that will take a lot of capex to put into place.
Which leaves us here. For Joby to grow a hundredfold (turning $1,000 into $100,000), it would need to not only secure commercial certification but quite literally become the Uber of the skies. It would need to expand to hundreds of cities and manufacture thousands of aircraft. Demand for air taxi rides would also need to be so high that it becomes common transportation, not just a novelty for the wealthy.
Even with that dominance, it's hard to imagine this $10 stock growing to $1,000, which would punch its ticket to the trillion-dollar club. Is that possible? Sure. Will it happen? I doubt it. Joby seems like a decent long-term play for modest growth, but I would temper expectations for a four-digit gain.
Should you buy stock in Joby Aviation right now?
Before you buy stock in Joby Aviation, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Joby Aviation wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $511,735!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,140,464!*
Now, it’s worth noting Stock Advisor’s total average return is 946% — a market-crushing outperformance compared to 191% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
*Stock Advisor returns as of March 13, 2026.
Steven Porrello has positions in Nvidia. The Motley Fool has positions in and recommends Nvidia, Tesla, and Uber Technologies. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Could This Aviation Stock Could Turn $1,000 Into $100,000?​

Key Points
The financial services giant's investment management arm imposed a limit on redemptions from a private credit fund.
Market players are worried that private credit providers are more risky than previously thought.
Something close to a crisis is unfolding in the world of private credit, and on Thursday, Morgan Stanley's (NYSE: MS) stock was affected. On news that its investment management unit capped withdrawals from one such fund, investors bailed on Morgan Stanley shares, leaving them with a nearly 5% loss that trading session.
Private panic
Late on Wednesday, Morgan Stanley's North Haven Private Income Fund (PIF) sent its unit holders a letter notifying them of the new cap. Specifically, the fund wrote that it will limit tender requests to 5% of all units outstanding, as of the count last Dec. 31. This followed the fund returning around $169 million to its unit holders in redemptions already this quarter, for about 45.8% of the total requested.
Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue »
Although that cap is a standing rule of the fund, it was the latest in a series of crisis moments for the private credit industry. Last month one of Blue Owl Capital's funds unexpectedly made a similar move following a fraud investigation into auto parts specialist First Brands Group. That company was supported by private credit.
All of this has caused a stir in that world, with investors in such funds rushing to redeem their units and shares. Reuters quoted Morgan Stanley as saying that North Haven had investments in 312 borrowers in 44 industries as of the end of January. It claimed, in the news agency's words, that "credit fundamentals at the fund remain broadly stable."
No need to press the red button... yet
Morgan Stanley is a large, complex, and sprawling financial services company, so North Haven's travails aren't going to short-circuit the entire company. That being said, Morgan Stanley's success is due in no small part to its reputation as an effective and clever operator throughout the finance ecosystem, so North Haven's move (and its exposure) isn't making it look very sharp just now.
All the same, I wouldn't sell Morgan Stanley stock if I were an investor; for now, the private credit rout is a challenge it can overcome.
Should you buy stock in Morgan Stanley right now?
Before you buy stock in Morgan Stanley, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Morgan Stanley wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $511,735!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,140,464!*
Now, it’s worth noting Stock Advisor’s total average return is 946% — a market-crushing outperformance compared to 191% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
*Stock Advisor returns as of March 12, 2026.
Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Why Morgan Stanley Stock Sank by 4% Today

The S&P 500 Index ($SPX) (SPY) on Thursday closed down -1.52%, the Dow Jones Industrial Average ($DOWI) (DIA) closed down -1.56%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down -1.73%. March E-mini S&P futures (ESH26) fell -1.49%, and March E-mini Nasdaq futures (NQH26) fell -1.75%.
Stocks fell sharply on Thursday as a surge in crude oil prices stoked fears that the war against Iran would crimp global fuel supplies and boost inflation. WTI crude oil prices soared more than +9% on Thursday amid widening disruptions to crude production and transport in the Middle East.
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Stocks extended their losses on Thursday, and crude prices added to their gains on comments from Iran’s Supreme Leader Ayatollah Mojtaba Khamenei, who said that Iran’s leverage of closing the Strait of Hormuz should be used, and attacks on Gulf Arab neighbors will continue. He added that Iran will open unspecified “other fronts” in the war if the US and Israel persist with their attacks. Also, comments from President Trump gave crude prices a boost when he said that preventing Iran from having nuclear weapons is "of far greater interest and importance" to him than the cost of oil, a sign that the war in the Middle East isn't close to a de-escalation.
Credit concerns weighed on bank stocks and asset managers on Thursday after Morgan Stanley and Cliffwater LLC capped withdrawals from their private credit funds amid investor demand to redeem more than the funds allow. Private credit funds are grappling with a wave of redemption requests amid growing concerns over the quality of their loans. BlackRock last week decided to limit withdrawals, a move that other asset managers have since followed.
Crude oil prices rallied sharply on Thursday despite the IEA members' decision on Wednesday to release 400 million barrels from emergency oil stockpiles. The IEA said the war against Iran is disrupting 7.5% of global oil supply, and the conflict will cut global oil supply by 8 million bpd this month. The closure of the Strait of Hormuz, through which about a fifth of the world’s oil and natural gas flows, has choked off oil and gas flows due to Iran’s attacks on shipping in the waterway and forced Gulf producers to cut output because they can’t export from the region. UK Defense Secretary Healey said Thursday that it is increasingly evident that Iran is laying mines in the Strait of Hormuz, which could keep the strait closed for the foreseeable future.
Iran’s President Masoud Pezeshkian said his country would need “firm international guarantees against future aggression” to accept a ceasefire as well as reparations. However, comments from President Trump late Wednesday suggest the conflict could continue for weeks when he said that it would be unwise for the US to wind down hostilities too soon.
US economic news on Thursday was mixed for stocks after weekly jobless claims rose less than expected, a sign of labor market strength. Also, Jan housing starts unexpectedly rose to an 11-month high, but Jan building permits fell to a 5-month low.
US weekly initial unemployment claims fell -1,000 to 213,000, showing a stronger labor market than expectations of an increase to 215,000.
US Jan housing starts unexpectedly rose +7.2% m/m to an 11-month high of 1.487 million, stronger than expectations of a decline to 1.341 million. Jan building permits, a proxy for future construction, fell -5.4% m/m to a 5-month low of 1.376 million, weaker than expectations of 1.410 million.
The US Jan trade deficit shrank to -$54.5 billion, narrower than expectations of -$66.0 billion.
Q4 earnings season is nearly over, with more than 98% of the S&P 500 companies having reported earnings results. Earnings have been a positive factor for stocks, with 74% of the 495 S&P 500 companies that have reported beating expectations. According to Bloomberg Intelligence, S&P earnings growth is expected to climb by +8.4% in Q4, marking the tenth consecutive quarter of year-over-year growth. Excluding the Magnificent Seven megacap technology stocks, Q4 earnings are expected to increase by +4.6%.
The markets are discounting a 0% chance for a -25 bp FOMC rate cut at the next policy meeting on March 17-18.
Overseas stock markets settled lower on Thursday. The Euro Stoxx 50 closed down -0.79%. China's Shanghai Composite fell from a 1-week high and closed down -0.10%. Japan's Nikkei Stock 225 closed down -1.04%.
Interest Rates
June 10-year T-notes (ZNM6) on Thursday closed down by -18.5 ticks. The 10-year T-note yield rose +3.9 bp to 4.269%. June T-notes fell to a 5-week low on Thursday, and the 10-year T-note yield climbed to a 5-week high of 4.275%. Thursday’s +9% rally in oil prices raised inflation expectations and undercut T-note prices. Also, concerns that the cost of the ongoing war against Iran will boost the US budget deficit are bearish for T-notes. On the positive side for T-notes on Thursday was strong demand for the Treasury’s $22 billion auction of 30-year T-bonds that had a bid-to-cover ratio of 2.45, above the 10-auction average of 2.39.
European government bond yields moved higher on Thursday. The 10-year German bund yield rose to a 2.25-year high of 2.962% and finished up +2.5 bp to 2.957%. The 10-year UK gilt yield climbed to a 6.25-month high of 4.800% and finished up +8.7 bp to 4.773%.
The European Union's economy chief, Valdis Dombrovskis, said the inflation rate could surpass 3% this year, and GDP in the Eurozone could be as much as -0.4 points lower if the war in the Middle East causes crude oil prices to remain around $100 per barrel and gas prices stay elevated for an extended period.
Swaps are discounting a 3% chance of a -25 bp ECB rate hike at its next policy meeting on March 19.
US Stock Movers
Airline stocks and cruise line operators sold off on Thursday amid a 9% surge in crude oil prices, which are boosting companies’ fuel costs and threatening earnings. Carnival (CCL) and Southwest Airlines (LUV) closed down more than -7%, and Alaska Air Group (ALK) and Royal Caribbean Cruises (RCL) closed down more than -6%. Also, United Airlines Holdings (UAL), Norwegian Cruise Line Holdings (NCLH), and American Airlines Group (AAL) closed down more than -4%. In addition, Delta Airlines (DAL) closed down more than -2%.
Chip stocks retreated on Thursday, weighing on the broader market. Intel (INTC) closed down more than -5%, and Lam Research (LRCX), ARM Holdings Plc (ARM), Microchip Technology (MCHP), and Texas Instruments (TXN) closed down more than -4%. Also, Applied Materials (AMAT), KLA Corp (KLAC), Analog Devices (ADI), Advanced Micro Devices (AMD), Micron Technology (MU), and Marvell Technology (MRVL) closed down more than -3%.
Credit concerns weighed on bank stocks and asset managers on Thursday after Morgan Stanley and Cliffwater LLC capped withdrawals from their private credit funds amid investor demand to redeem more than the funds allow. Ares Management (ARES) closed down more than -6%, and
Goldman Sachs (GS) closed down more than -4% to lead losers in the Dow Jones Industrials. Also, Morgan Stanley (MS), KKR & Co (KKR), and Citigroup (C) closed down more than -3%.
The Magnificent Seven technology stocks fell on Thursday, pressuring the broader market. Tesla (TSLA) closed down more than -3%, and Meta Platforms (META) closed down more than -2%. Also, Alphabet (GOOGL), Apple (AAPL), Amazon.com (AMZN), and Nvidia (NVDA) closed down more than -1%, and Microsoft (MSFT) closed down -0.73%.
Fertilizer stocks rallied on Thursday amid supply disruptions from the closure of the Strait of Hormuz. CF Industries Holdings (CF) closed up more than +13% to lead gainers in the S&P 500. Also, Intrepid Potash (IPI) closed up more than +10%, and Mosaic (MOS) closed up more than +7%.
Energy producers and service providers rose on Thursday after crude prices jumped more than +9%. ConocoPhillips (COP), Chevron (CVX), Phillips 66 (PSX), and Valero Energy (VLO) closed up more than -2%. Also, APA Corp (APA), Devon Energy (DVN), Exxon Mobil (XOM), and Marathon Petroleum (MPC) closed up more than +1%.
Netskope (NTSK) closed down more than -21% after forecasting a Q1 adjusted net loss per share of -6 cents to -7 cents, wider than Q4’s -4 cent EPS loss.
G-III Apparel Group Ltd (GIII) closed down more than -11% after reporting Q4 net sales of $771.5 million, below the consensus of $791.8 million.
UiPath (PATH) closed down more than -7% after reporting Q4 subscription revenue of $251.2 million, below the consensus of $252.1 million.
Dollar General (DG) closed down more than -6% after giving an underwhelming 2027 comparable sales forecast of up +2.2% to +2.7%, the midpoint right on the consensus of +2.45%.
GlobalFoundries (GFS) closed down more than -5% after a subsidiary of Mubadala Investment Co. was said to sell as much as $852 million of its stake in the stock overnight at $41.60 to $42.60 per share.
MercadoLibre (MELI) closed down more than -4% after JPMorgan Chase downgraded the stock to neutral from overweight.
LyondellBasell Industries NV (LYB) closed up more than +10% after Citigroup upgraded the stock to buy from neutral with a price target of $76.
Dow Inc. (DOW) closed up more than +9% after Citigroup upgraded the stock to buy from neutral with a price target of $40.
Occidental Petroleum (OXY) closed up more than +5% after Wells Fargo Securities double upgraded the stock to overweight from underweight with a price target of $69.
Earnings Reports(3/13/2026)
4D Molecular Therapeutics Inc (FDMT), Actuate Therapeutics Inc (ACTU), AirSculpt Technologies Inc (AIRS), AlTi Global Inc (ALTI), American Vanguard Corp (AVD), Avidity Biosciences Inc (RNAM), Better Home & Finance Holding (BETR), Bit Digital Inc (BTBT), Blue Foundry Bancorp (BLFY), Buckle Inc/The (BKE), CapsoVision Inc (CV), Citizens Inc/TX (CIA), Emerald Holding Inc (EEX), Eve Holding Inc (EVEX), GoHealth Inc (GOCO), Gossamer Bio Inc (GOSS), John Marshall Bancorp Inc (JMSB), LENSAR Inc (LNSR), MeiraGTx Holdings plc (MGTX), NET Lease Office Properties (NLOP), Perma-Fix Environmental Services (PESI), Value Line Inc (VALU), Waldencast plc (WALD).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks Slump on Iran War and Credit Woes

The S&P 500 Index ($SPX) (SPY) today is down -1.22%, the Dow Jones Industrial Average ($DOWI) (DIA) is down -1.32%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -1.46%. March E-mini S&P futures (ESH26) are down -1.20%, and March E-mini Nasdaq futures (NQH26) are down -1.40%.
Stocks are under pressure today as crude oil prices keep rising amid widening disruptions to production and transport in the Middle East. WTI crude oil prices are up more than +9% today after Iraq suspended oil terminal activity following an attack by Iran on two tankers. Oman also temporarily evacuated a key oil export hub at Mina Al Fahal, and Iran escalated attacks on Dubai.
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Stocks extended their losses today, and crude prices added to their gains on comments from Iran’s Supreme Leader Ayatollah Mojtaba Khamenei, who said that Iran’s leverage of closing the Strait of Hormuz should be used and attacks on Gulf Arab neighbors will continue. He added that Iran will open unspecified “other fronts” in the war if the US and Israel persist with their attacks.
Credit concerns are weighing on bank stocks and asset managers today after Morgan Stanley and Cliffwater LLC capped withdrawals from their private credit funds amid investor demand to redeem more than the funds allow. Private credit funds are grappling with a wave of redemption requests amid growing concerns over the quality of their loans. BlackRock last week decided to limit withdrawals, a move that other asset managers have since followed.
Crude oil prices are moving higher today despite the IEA members' decision on Wednesday to release 400 million barrels from emergency oil stockpiles. The IEA said the war against Iran is disrupting 7.5% of global oil supply, and the conflict will cut global oil supply by 8 million bpd this month. The closure of the Strait of Hormuz, through which about a fifth of the world’s oil and natural gas flows, has choked off oil and gas flows due to Iran’s attacks on shipping in the waterway and forced Gulf producers to cut output because they can’t export from the region.
Iran’s President Masoud Pezeshkian said his country would need “firm international guarantees against future aggression” to accept a ceasefire as well as reparations. However, comments from President Trump late Wednesday suggest the conflict could continue for weeks when he said that it would be unwise for the US to wind down hostilities too soon.
US economic news today was mixed for stocks after weekly jobless claims rose less than expected, a sign of labor market strength. Also, Jan housing starts unexpectedly rose to an 11-month high, but Jan building permits fell to a 5-month low.
US weekly initial unemployment claims fell -1,000 to 213,000, showing a stronger labor market than expectations of an increase to 215,000.
US Jan housing starts unexpectedly rose +7.2% m/m to an 11-month high of 1.487 million, stronger than expectations of a decline to 1.341 million. Jan building permits, a proxy for future construction, fell -5.4% m/m to a 5-month low of 1.376 million, weaker than expectations of 1.410 million.
The US Jan trade deficit shrank to -$54.5 billion, narrower than expectations of -$66.0 billion.
Q4 earnings season is nearly over, with more than 95% of the S&P 500 companies having reported earnings results. Earnings have been a positive factor for stocks, with 74% of the 492 S&P 500 companies that have reported beating expectations. According to Bloomberg Intelligence, S&P earnings growth is expected to climb by +8.4% in Q4, marking the tenth consecutive quarter of year-over-year growth. Excluding the Magnificent Seven megacap technology stocks, Q4 earnings are expected to increase by +4.6%.
The markets are discounting a 0% chance for a -25 bp FOMC rate cut at the next policy meeting on March 17-18.
Overseas stock markets are lower. The Euro Stoxx 50 is down -1.30%. China's Shanghai Composite fell from a 1-week high and closed down -0.10%. Japan's Nikkei Stock 225 closed down -1.04%.
Interest Rates
June 10-year T-notes (ZNM6) are down by -8 ticks. The 10-year T-note yield is up +1.4 bp to 4.243%. June T-notes fell to a 5-week low today, and the 10-year T-note yield climbed to a 5-week high of 4.249%. Today’s +9% rally in oil prices is raising inflation expectations and undercutting T-note prices. Also, concerns that the cost of the ongoing war against Iran will boost the US budget deficit are bearish for T-notes. In addition, supply pressures are weighing on T-notes as the Treasury will auction $22 billion of 30-year bonds later today.
European government bond yields are moving higher today. The 10-year German bund yield rose to a 2.25-year high of 2.962% and is up +1.6 bp to 2.948%. The 10-year UK gilt yield is up +9.7 bp to 4.784%.
The European Union's economy chief, Valdis Dombrovskis, said the inflation rate could surpass 3% this year and GDP in the Eurozone could be as much as -0.4 points lower if the war in the Middle East causes crude oil prices to remain around $100 per barrel and gas prices stay elevated for an extended period.
Swaps are discounting a 3% chance of a -25 bp ECB rate hike at its next policy meeting on March 19.
US Stock Movers
Airline stocks and cruise line operators are falling today due to the 8% surge in crude oil prices, which are boosting companies’ fuel costs and threatening earnings. Carnival (CCL) and Royal Caribbean Cruises (RCL) are down more than -6%, and United Airlines Holdings (UAL) is down more than -4%. Also, Norwegian Cruise Line Holdings (NCLH), American Airlines Group (AAL), Alaska Air Group (ALK), and Southwest Airlines (LUV) are down more than -3%. In addition, Delta Airlines (DAL) is down more than -2%.
Chip stocks are sliding today, weighing on the broader market. Lam Research (LRCX), Applied Materials (AMAT), ARM Holdings Plc (ARM), Micron Technology (MU), and Intel (INTC) are down more than -4%. Also, ASML Holding NV (ASML), Analog Devices (ADI), Advanced Micro Devices (AMD), KLA Corp (KLAC), Microchip Technology (MCHP), and Texas Instruments (TXN) are down more than -3%.
Credit concerns are weighing on bank stocks and asset managers today after Morgan Stanley and Cliffwater LLC capped withdrawals from their private credit funds amid investor demand to redeem more than the funds allow. Morgan Stanley (MS) and KKR & Co (KKR) are down more than -4%. Also, Goldman Sachs (GS) is down more than -3% to lead losers in the Dow Jones Industrials. In addition, Citigroup (C) and Ares Management (ARES) are down more than -3%.
Fertilizer stocks are climbing today amid supply disruptions from the closure of the Strait of Hormuz. CF Industries Holdings (CF) is up more than +10% to lead gainers in the S&P 500. Also, Intrepid Potash (IPI) is up more than +8%, and Mosaic (MOS) is up more than +5%.
Netskope (NTSK) is down more than -24% after forecasting a Q1 adjusted net loss per share of -6 cents to -7 cents, wider than Q4’s -4 cent EPS loss.
G-III Apparel Group Ltd (GIII) is down more than -12% after reporting Q4 net sales of $771.5 million, below the consensus of $791.8 million.
GlobalFoundries (GFS) is down more than -6% after a subsidiary of Mubadala Investment Co. was said to sell as much as $852 million of its stake in the stock overnight at $41.60 to $42.60 per share.
Dollar General (DG) is down more than -5% after giving an underwhelming 2027 comparable sales forecast of up +2.2% to +2.7%, the midpoint right on the consensus of +2.45%.
UiPath (PATH) is down more than -5% after reporting Q4 subscription revenue of $251.2 million, below the consensus of $252.1 million.
MercadoLibre (MELI) is down more than -5% to lead losers in the Nasdaq 100 after JPMorgan Chase downgraded the stock to neutral from overweight.
Dow Inc. (DOW) is up more than +6% after Citigroup upgraded the stock to buy from neutral with a price target of $40.
LyondellBasell Industries NV (LYB) is up more than +5% after Citigroup upgraded the stock to buy from neutral with a price target of $76.
Occidental Petroleum (OXY) is up more than +4% after Wells Fargo Securities double upgraded the stock to overweight from underweight with a price target of $69.
Atlassian Corp (TEAM) is up more than +2% after announcing a restructuring that will eliminate about 10% of its workforce. UBS upgraded the stock to buy from neutral with a price target of $97.
Earnings Reports(3/12/2026)
Dollar General Corp (DG), Ulta Beauty Inc (ULTA), Lennar Corp (LEN), Adobe Inc (ADBE).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks Retreat Amid Rising Crude Prices and Credit Worries

On a valuation basis, shares of Morgan Stanley MS appear to be trading at a premium relative to the industry. The company’s forward 12-month price/earnings (P/E) ratio of 14.31 is above the industry average of 13.01.
Even if we compare MS’ current valuation with two of its closest peers, JPMorgan JPM and Goldman Sachs GS, the stock appears overvalued. JPMorgan has a P/E (F12M) ratio of 13.04 and Goldman Sachs has a forward 12-month P/E ratio of 14.26.
P/E (F12M) Ratio
Image Source: Zacks Investment Research
The relatively stretched valuation of Morgan Stanley may discourage investors from buying the stock. This is because premium-valued stocks are more vulnerable to valuation multiple compression if industry conditions deteriorate. In such a scenario, a reversion toward the mean valuation level could lead to a sharp correction in the stock price.
However, investors should not completely avoid Morgan Stanley solely due to its premium valuation. Before making any investment decision, it is important to assess the company’s underlying fundamentals and growth prospects to determine whether the higher valuation is justified.
What’s Aiding Morgan Stanley’s Growth?
Increased Focus on Wealth & Asset Management Operations: For a long time now, Morgan Stanley has been lowering its reliance on capital markets for income generation. It has been focusing more on expanding its wealth and asset management operations through targeted acquisitions that expand distribution and deepen engagement. The purchases of E*TRADE and Eaton Vance accelerated its move into scaled wealth channels and investment solutions. It also built a meaningful workplace wealth footprint through Solium (now Shareworks by Morgan Stanley), extending its reach via corporate stock-plan relationships.
More recently, the acquisition of EquityZen broadened access to private-market liquidity and investments, capabilities that can strengthen client retention and wallet share.
By the end of 2025, the wealth and investment management segments together accounted for 54% of the firm’s total net revenues, up from 26% in 2010. The wealth management segment’s total client assets have witnessed a five-year (2020-2025) compound annual growth rate (CAGR) of 13%, while the investment management segment’s total assets under management saw a CAGR of 19.4% over the same period. As of Dec. 31, 2025, total client assets across both segments reached $9.3 trillion, bringing the company closer to its longstanding $10-trillion asset management target set by former CEO James Gorman.
Solid Investment Banking (IB) Business: After several false starts, global mergers and acquisitions (M&As) finally witnessed a decisive upswing in the second half of 2025 amid easing regulation hopes and inflation pressures, setting the stage for a stronger 2026.
Per Dealogic, global M&As jumped 41% year over year to $4.81 trillion last year, led by a record 70 megadeals. In 2026, M&As are likely to shift from high-risk transformational deals to de-conglomeration and buy-and-build strategies. This back-to-basics focus will likely lift mid-market activity through smaller, synergy-rich add-ons and faster tech integration.
Although the IB business remains sensitive to economic uncertainty, Morgan Stanley is expected to be a winner this year against the bright industry prospects. The company’s IB revenues grew 23% year over year in 2025, riding a wave of deal-making and IPO activity. This followed a 35% jump in IB revenues in 2024 as clarity on several macroeconomic matters emerged.
Looking ahead, a healthy global IB pipeline, an active M&A market, “reopening of the IPO market,” and the company’s leadership position will help it capitalize amid the changing macro situation.
Strategic Collaborations: MS’ partnership with Mitsubishi UFJ Financial Group, Inc. MUFG will likely continue to support its profitability. In 2023, the companies announced plans to deepen their 15-year alliance by merging certain operations within their Japanese brokerage joint ventures. The new partnership saw combined Japanese equity research, sales and execution services for institutional clients at Mitsubishi UFJ Morgan Stanley Securities and Morgan Stanley MUFG Securities. Also, their equity underwriting business has been rearranged between the two brokerage units. These efforts will solidify the company’s position in Japan’s market.
This has helped Morgan Stanley achieve record equity net revenues, particularly in Asia, through outperformance in prime brokerage and derivatives, led by solid client activity amid heightened volatility. The company’s Asia region revenues grew 23% year over year to $9.42 billion in 2025.
In September 2025, Jed Finn, head of wealth management at Morgan Stanley, stated in an interview with Bloomberg that the company has collaborated with Zerohash, a cryptocurrency infrastructure provider, enabling E*TRADE clients to trade in popular cryptocurrencies starting in the first half of 2026. The initiative is expected to boost Morgan Stanley’s revenues through trading spreads, advisory fees on crypto allocations and future services, like custody and tokenization, and support client retention.
Robust Balance Sheet Position: As of Dec. 31, 2025, the company had long-term debt of $341.7 billion, with $26.2 billion expected to mature over the next 12 months. The company’s average liquidity resources were $385.9 billion as of the same date.
Morgan Stanley’s capital distribution plans have been impressive. Following the clearance of the 2025 stress test, it announced an 8% hike in quarterly dividend to $1.00 per share. It reauthorized a multi-year share repurchase program of up to $20 billion (no expiration date). The company has increased its dividend five times in the last five years, with an annualized growth rate of 17.16%.
Given a solid liquidity position and earnings strength, Morgan Stanley is expected to be able to continue with efficient capital distribution activities, thereby enhancing shareholder value.
Analyzing MS’ Price Performance
In the past six months, MS shares have gained 2.7% against the industry’s decline of 2.5%. During this period, the S&P 500 Index has rallied 3.3%.
MS has underperformed Goldman Sachs but outperformed JPMorgan in the past six months. Goldman Sachs shares have gained 4.7%, while the JPMorgan stock has declined 6.9%.
6-Month Price Performance
Image Source: Zacks Investment Research
How to Approach Morgan Stanley Stock Now?
In the near term, industry challenges might weigh on Morgan Stanley. Concerns around the private credit market, stricter capital requirements under evolving global banking regulations, and ongoing geopolitical and market volatility could pressure profitability and investor sentiment toward Morgan Stanley.
However, Morgan Stanley’s continued efforts to reduce the dependence on volatile capital markets–driven revenues by strengthening its wealth management and investment management businesses will continue to support growth in the long run because these segments generate more stable, recurring fee income.
Gradually declining interest rates are expected to support client activity across advisory, deal-making and capital-raising businesses, which would likely benefit the company’s overall revenue momentum. MS’ solid balance sheet and strong capital position further provide flexibility to invest in growth initiatives, pursue strategic opportunities and return capital to shareholders.
The company continues to enjoy favorable analyst sentiment, reflecting confidence in its diversified business model and long-term growth prospects. Over the past 60 days, the Zacks Consensus Estimate for Morgan Stanley’s 2026 and 2027 earnings has been revised upward. The 2026 earnings estimate of $11.09 indicates a rise of 8.6% from that reported in the previous year. The 2027 estimate of $11.87 suggests year-over-year growth of 7%.
Earnings Estimate Revision
Image Source: Zacks Investment Research
Morgan Stanley’s premium valuation seems justified by its business transformation and strong earnings stability. With multiple growth levers in place, including expansion in fee-based businesses, disciplined cost management and strategic investments, the company appears well-positioned to sustain financial performance and deliver stable revenue growth over the long term, making it an attractive investment option now.
Currently, Morgan Stanley carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Zacks Names #1 Semiconductor Stock
This under-the-radar company specializes in semiconductor products that titans like NVIDIA don't build. It's uniquely positioned to take advantage of the next growth stage of this market. And it's just beginning to enter the spotlight, which is exactly where you want to be.
With strong earnings growth and an expanding customer base, it's positioned to feed the rampant demand for Artificial Intelligence, Machine Learning, and Internet of Things. Global semiconductor manufacturing is projected to explode from $452 billion in 2021 to $971 billion by 2028.
See This Stock Now for Free >>
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Should You Invest in Morgan Stanley Despite Its Premium Valuation?

The Goldman Sachs Group, Inc. GS shares have jumped 53.5% in 2025, outperforming the industry’s growth of 37.1%, and its peers JPMorgan JPM and Morgan Stanley’s MS rallies of 34.4% and 41.2%, respectively.
Price Performance
Image Source: Zacks Investment Research
After such a strong rally, investors are now asking an important question: Should they hold the stock for further upside or lock in profits?
To answer that, let us examine the key growth drivers and risks shaping Goldman’s 2026 outlook.
Factors Impacting Goldman’s Performance
Investment Banking Rebound Driving Momentum: Given the industry-wide turnaround in the investment banking (IB) business, Goldman’s performance has been impressive. The company’s IB revenues rose 21% year over year in 2025, riding a wave of deal-making and initial public offering (IPO) activity.
Going ahead, a healthy global IB pipeline, an active merger and acquisition (M&A) market, “reopening of the IPO market,” and the company’s leadership position will aid it amid the changing macro situation.
Against this backdrop, GS stands out as a key beneficiary. Management projects an even stronger M&A environment in 2026, provided macroeconomic conditions remain stable. The company has seen high levels of client engagement across its IB business, and expects the activity to accelerate in 2026. With the IB backlog at a four-year high and the company’s leadership position in IB, Goldman is well-positioned to benefit in the upcoming period. Similarly, JPMorgan and Morgan Stanley are expected to record solid IB income growth this year as the industry-wide backdrop turns favorable.
Strategic Streamlining Is Paying Off: The company’s streamlining efforts have been underway for some time as it retreats from the underperforming consumer banking ventures. Under CEO David Solomon, the company has embarked on a deliberate transformation to exit non-core consumer banking and double down on the divisions where Goldman maintains a clear competitive advantage.
In sync with its restructuring efforts, in January 2026, Goldman signed an agreement to transition the Apple Card program and associated accounts to JPMorgan. In December 2025, Goldman entered an agreement to acquire Innovator Capital Management. The deal significantly expands Goldman’s active ETF capabilities and is part of a broader pivot toward building “durable revenue streams” through diversified asset management and wealth-management offerings. In November 2025, Goldman reached an agreement with ING Bank Slaski to divest its Polish asset management firm, TFI. The deal is targeted for completion in the first half of 2026. In the third quarter of 2025, Goldman completed the sale of its GM credit card business to Barclays.
In 2024, Goldman completed the sale of GreenSky. In 2023, it sold its Personal Financial Management unit to Creative Planning and also sold all of Marcus’s loan portfolio, part of its broader retreat from consumer banking.
These moves demonstrate a well-thought-out exit, allowing the company to reallocate capital and attention toward higher-margin, more scalable businesses like Global Banking and Markets and the asset and wealth management (AWM) divisions. The benefits of business restructuring began to show in the numbers. The Global Banking and Markets segment’s net revenues rose 18% year over year in 2025, whereas the AWM division’s net revenues rose 2%, reflecting growing fee income and strength in private credit. AWM division’s scale continues to expand. Total assets under supervision rose to a record $3.61 trillion in 2025.
Scaling AI to Transform Business: GS is executing a firmwide artificial intelligence (AI) transformation that spans trading, investment banking, asset management and internal productivity, with a clear objective to lift fee income and expand operating leverage over the coming years. At the center of this effort are the “One Goldman Sachs 3.0 (OneGS 3.0)” transformation and the “GS AI Assistant” program, both designed to embed generative and predictive AI into nearly every major workflow across the firm.
Management described OneGS 3.0 as a multi-year overhaul that embeds AI as a core operating capability rather than a standalone tool. The initiative focuses on simplifying processes, boosting productivity and enabling scalable growth, supported by high-quality data, shared platforms and modern infrastructure.
In parallel, the firm is reshaping its front-office strategy, recently reorganizing its TMT investment banking division to sharpen its focus on AI-related deal-making, including digital infrastructure, semiconductors, connectivity and core software, in response to evolving client demand.
Beyond operations and advisory, Goldman’s AI push is reshaping its revenue mix toward higher-fee, data-driven businesses and away from more balance-sheet-intensive activities. The planned acquisition of Industry Ventures reflects this shift, as Goldman looks to apply advanced analytics and AI to improve valuation, risk assessment and portfolio construction in private markets.
Overall, AI is emerging as a long-term growth engine for the firm, strengthening operating leverage, deepening client relevance and reinforcing Goldman’s competitive positioning.
Betting Big on Private Equity to Aid Growth: The company is aggressively expanding its private equity and alternatives business throug acquisitions, platform enhancements and the integration of new investment capabilities, which will likely support its growth over the long run.
In sync with this, in January 2026, Goldman acquired Industry Ventures, a leading venture capital platform that invests across all stages of the venture capital lifecycle. The acquisition underscores Goldman’s intent to strengthen its position in private markets and expand access to high-growth technology companies for clients globally.
In September 2025, GS partnered with T. Rowe Price in a $1-billion deal to co-develop retirement and wealth products. Later, the firms expanded the partnership to roll out alternative investment offerings for wealthy clients in 2025 and retirement savers in 2026. In January 2025, the company launched initiatives to grow private credit and other asset classes, including forming the Capital Solutions Group and expanding its alternatives team.
Goldman is expanding its private equity credit services internationally, focusing on Europe, the U.K. and Asia. Private banking and lending revenues reached record levels in 2025. Management expects high-single-digit annual growth in private banking and lending revenues over time, supported by international expansion, deeper integration with alternatives and continued focus on capital-light, client-driven lending solutions.
Private lending remains a key contributor to the firm’s target of improving AWM margins and returns over the medium term. The company's AWM unit intends to expand its private credit portfolio to $300 billion by 2029.
However, concerns in the private credit market could create risks for Goldman, especially if economic conditions weaken and borrowing costs stay high. Because private credit often funds middle-market companies, rising defaults or refinancing difficulties could lead to write-downs and lower returns on Goldman’s lending investments. In addition, investor caution toward the sector could slow fundraising and deal activity, potentially pressuring the firm’s asset management business growth in the near term.
Robust Liquidity Aids Capital Distribution: GS maintains a fortress balance sheet, with the Tier 1 capital ratios well above regulatory requirements. This financial strength allows it to return capital to shareholders aggressively through buybacks and a healthy dividend yield.
As of Dec. 31, 2025, Wells Fargo’s long-term debt was $174.7 billion. However, short-term borrowings were $251 billion. The company has a strong liquidity position, with a liquidity coverage ratio of 119% as of Dec. 31, 2025, which has exceeded its regulatory minimum of 100%. Its liquid assets (including cash and due from banks, as well as interest-earning deposits with banks) totaled $174.2 billion as of the same date.
Given its strong liquidity, the company rewards its shareholders handsomely. In January 2026, the company increased the quarterly dividend 12.5% to $4.50 per common share. In the past five years, the company has hiked dividends six times, with an annualized growth rate of 20.8%. Currently, it has a dividend yield of 2.2%.
JPMorgan raised its dividends six times over the past five years and offers a dividend yield of 2.1%. Morgan Stanley has raised its dividends five times over the past five years and has a dividend yield of 2.5%.
Additionally, Goldman has a share repurchase plan in place. In April 2025, its board of directors authorized an additional $40-billion share repurchase program, following the $30-billion authorization announced in July 2023. As of Dec. 31, 2025, the company had remaining authority to repurchase up to $29.7 billion of common stock.
Goldman’s Earnings Prospects & Valuation Analysis
Analysts are bullish on GS. Over the past 60 days, the Zacks Consensus Estimate for 2026 and 2027 earnings has been revised upward. The Zacks Consensus Estimate for Goldman’s 2026 and 2027 earnings implies year-over-year growth of 10.3% and 10.7%, respectively.
Estimate Revision Trend
Image Source: Zacks Investment Research
In terms of valuation, the GS stock looks expensive compared with the industry. The stock is trading at a forward price/earnings (P/E) of 14.26X above the industry average of 12.94X. Its peers, JPMorgan and Morgan Stanley, have forward P/E multiples of 13.04X and 14.31X, respectively.
P/E F12M
Image Source: Zacks Investment Research
Final Thoughts on GS Stock
Despite its strong rally in 2025, the long-term investment case for Goldman remains compelling. The company is benefiting from a rebound in IB activity, strong momentum in M&A and IPO markets, and a strategic shift toward higher-margin businesses, such as asset and wealth management.
Several structural drivers could support continued growth. Goldman’s expanding private credit and alternatives platform, growing assets under supervision, and firmwide AI transformation through initiatives like OneGS 3.0 position the bank to improve efficiency, enhance client offerings and generate higher fee-based revenues. At the same time, a strong capital base, impressive dividend yield and an active share-repurchase program provide additional support for shareholder returns.
While the stock now trades slightly above the industry average valuation and risks remain tied to macroeconomic uncertainty or private-credit market stress, Goldman’s leadership in global investment banking and strengthening diversified revenue streams suggest it is well-equipped to sustain earnings growth.
Hence, the GS stock still appears to be a solid buy for investors seeking healthy long-term returns.
At present, GS carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Zacks Names #1 Semiconductor Stock
This under-the-radar company specializes in semiconductor products that titans like NVIDIA don't build. It's uniquely positioned to take advantage of the next growth stage of this market. And it's just beginning to enter the spotlight, which is exactly where you want to be.
With strong earnings growth and an expanding customer base, it's positioned to feed the rampant demand for Artificial Intelligence, Machine Learning, and Internet of Things. Global semiconductor manufacturing is projected to explode from $452 billion in 2021 to $971 billion by 2028.
See This Stock Now for Free >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Is Goldman Stock Still Worth Buying After 53.5% Rally in 2025?

Looking today at week-over-week shares outstanding changes among the universe of ETFs covered at ETF Channel, one standout is the iShares Core Dividend Growth ETF (Symbol: DGRO) where we have detected an approximate $964.6 million dollar inflow -- that's a 4.4% increase week over week in outstanding units (from 404,450,000 to 422,300,000). Among the largest underlying components of DGRO, in trading today Procter & Gamble Company (Symbol: PG) is down about 0.5%, PepsiCo Inc (Symbol: PEP) is off about 0.2%, and Bristol Myers Squibb Co. (Symbol: BMY) is lower by about 0.7%. For a complete list of holdings, visit the DGRO Holdings page » The chart below shows the one year price performance of DGRO, versus its 200 day moving average:
Looking at the chart above, DGRO's low point in its 52 week range is $43.44 per share, with $55.17 as the 52 week high point — that compares with a last trade of $53.16. Comparing the most recent share price to the 200 day moving average can also be a useful technical analysis technique -- learn more about the 200 day moving average ».
Free Report: Top 7%+ Dividends (paid monthly)
Exchange traded funds (ETFs) trade just like stocks, but instead of ''shares'' investors are actually buying and selling ''units''. These ''units'' can be traded back and forth just like stocks, but can also be created or destroyed to accommodate investor demand. Each week we monitor the week-over-week change in shares outstanding data, to keep a lookout for those ETFs experiencing notable inflows (many new units created) or outflows (many old units destroyed). Creation of new units will mean the underlying holdings of the ETF need to be purchased, while destruction of units involves selling underlying holdings, so large flows can also impact the individual components held within ETFs.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

iShares Core Dividend Growth ETF Experiences Big Inflow

For Morgan Stanley MS, collaborations have become a key pillar of long-term growth. By partnering with technology firms, digital-asset infrastructure providers and private-market platforms, the global investment bank is expanding its capabilities, improving operational efficiency and entering new markets.
These partnerships are expected to strengthen its competitive position and support sustainable expansion over the coming years.
Some Notable Morgan Stanley Collaborations
In January 2026, Morgan Stanley acquired EquityZen, a platform for trading shares of private companies, reflecting its strategy to deepen exposure to high-growth private firms that are staying private longer. The platform connects investors with employees and early stakeholders seeking liquidity, enabling the bank to broaden investment opportunities for its wealth-management clients.
In September 2025, Morgan Stanley teamed up with crypto infrastructure provider Zerohash to enable cryptocurrency trading on its E*TRADE platform. Under this partnership, MS plans to allow E*TRADE clients to trade major cryptocurrencies such as Bitcoin, Ether and Solana, with the rollout expected to begin in the first half of 2026. Zerohash will provide the backend infrastructure for crypto trading, including services, such as liquidity, custody and settlement. The move reflects Morgan Stanley’s broader strategy to expand into digital assets and compete with platforms that already offer crypto trading, while integrating digital assets into its existing wealth-management and retail-brokerage ecosystem.
Morgan Stanley has also developed a long-standing partnership with Snowflake, a data-cloud company that powers many of the bank’s analytics and artificial intelligence (AI) initiatives. Over the past several years, the collaboration has evolved from basic data warehousing to advanced AI-driven workloads that enhance customer insights, operational efficiency and regulatory compliance.
Along with the above-mentioned collaborations, Morgan Stanley’s partnership with Mitsubishi UFJ Financial Group, Inc. is expected to keep supporting profitability. In 2023, the companies announced plans to deepen their 15-year alliance by merging certain operations within their Japanese brokerage joint ventures. The new alliance saw combined Japanese equity research, sales and execution services for institutional clients at Mitsubishi UFJ Morgan Stanley Securities and Morgan Stanley MUFG Securities.
Overall, strategic collaborations allow Morgan Stanley to access new technologies, markets and client segments without building every capability internally. If these collaborations continue to deliver new products, efficiencies and revenue opportunities, they will play a significant role in supporting Morgan Stanley’s long-term expansion.
Morgan Stanley’s Competitive Landscape
Peers of Morgan Stanley like Citigroup C and JPMorgan JPM have also entered collaborations to strengthen their technology capabilities, expand lending platforms and improve client services. These partnerships illustrate how large investment banks are increasingly relying on alliances to accelerate innovation and market expansion.
Citigroup has been broadening its presence in the lucrative private lending business through collaborations. In September 2025, Citigroup launched an $80-billion customized portfolio offering with BlackRock, providing clients with tailored exposure across public and private markets. In June 2025, the company announced a partnership with Carlyle Group to expand asset-based private credit opportunities in the fintech specialty lending space.
The collaboration combines Carlyle’s structuring expertise with Citigroup’s SPRINT (Spread Products Investment in Technologies) team and market reach to co-invest in tailored financing solutions.
JPMorgan has collaborated with fintech firms to enhance lending and payments capabilities. For example, the bank partnered with OnDeck to streamline small-business lending. By using OnDeck’s digital loan-processing technology, JPMorgan has been able to speed up approval times and improve access to credit for small businesses, strengthening its position in the commercial lending market.
Morgan Stanley’s Price Performance, Valuation & Estimates
In the past six months, the company’s shares have gained 2.5% against the industry’s 2.4% decline.
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From a valuation standpoint, MS trades at a 12-month forward price-to-earnings (P/E) of 14.27X, above the industry average of 13.03X.
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The Zacks Consensus Estimate for Morgan Stanley’s 2026 earnings suggests an 8.6% rise on a year-over-year basis, while 2027 earnings are expected to grow 7%. In the past 30 days, earnings estimates for 2026 and 2027 have moved upward.
Image Source: Zacks Investment Research
Currently, MS carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
(We are reissuing this article to correct a mistake. The original article issued on March 10, 2026, should no longer be relied upon.)
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