Bullishness Remains Steady as Geopolitical and Energy Concerns Rise, Morgan Stanley Wealth Management Pulse Survey Finds

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• Bullish sentiment holds. More than half of investors (55%) remain bullish this quarter, only slightly below last quarter (56%).
• Inflation remains the top concern as new pressures rise. While inflation continues to loom large (50%), concern about geopolitical conflict increased to 20% (up from 12% in Q1) andenergy costs rose to 18% (up from 12% in Q1).
• Volatility expectations build. About two in three investors (63%) expect volatility to rise, six percentage points higher than last quarter.
• Upcoming midterms add to market anxiety. Nearly half (48%) of investors worry midterm elections could affect stock performance.
• Amid uncertainty, investors stay engaged. Half (50%) of investors have increased the amount of time they devote to their portfolio this quarter—up from 41% last quarter.

“With geopolitical concerns, policy uncertainty and higher costs, market whiplash is very real, making day-to-day moves feel noisy,” said Chris Larkin, Managing Director and Head of Trading and Investing, E*TRADE from Morgan Stanley. “But rather than pull back, many investors remain engaged—adjusting to volatility and looking for opportunities in a more complex market backdrop. A healthy dose of volatility is a normal part of market dynamics, and commitment to an investing plan is key.”

The survey explored investor views on sector opportunities for the second quarter of 2026:

• IT—With AI disruption continuing to move the market, more than half of investors (56%) point to information technology as the sector with the greatest potential this quarter.
• Energy–Amid spiking oil prices, investor interest in energy is unchanged this quarter, holding steady at 49%.
• Health care–As market risks shift, interest in health care—known for its relative stability during uncertainty—ticked up 2 percentage points to 35%.

About the Survey
This wave of the survey was conducted from April 1 to April 20 of 2026 among an online US sample of 940 self-directed investors, investors who fully delegate investment account management to financial professionals, and investors who utilize both. The survey has a margin of error of ±3.20 percent at the 95 percent confidence level. It was fielded and administered by Dynata. The panel is broken into three investable assets: less than $500k, between $500k to $1 million, and over $1 million. The panel is 60% male and 40% female and self-select as having moderate+ investing experience, with an even distribution across geographic regions, and age bands.

About Morgan Stanley Wealth Management
Morgan Stanley Wealth Management, a global leader, provides access to a wide range of products and services to individuals, businesses and institutions, including brokerage and investment advisory services, financial and wealth planning, cash management and lending products and services, annuities and insurance, retirement and trust services.

About Morgan Stanley
Morgan Stanley (NYSE: MS) is a leading global financial services firm providing a wide range of investment banking, securities, wealth management and investment management services. With offices in 42 countries, the Firm’s employees serve clients worldwide including corporations, governments, institutions and individuals. For further information about Morgan Stanley, please visit www.morganstanley.com.

This has been prepared for informational purposes only and is not a solicitation of any offer to buy or sell any security or other financial instrument, or to participate in any trading strategy. This material does not provide individually tailored investment advice. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it. Morgan Stanley recommends that investors independently evaluate particular investments and strategies and encourages investors to seek the advice of a Financial Advisor.