In a December 8 briefing, Morgan Stanley analyst Michael Wilson flags a broad leadership shift and improving corporate earnings as signs the U.S. equity market could begin a bull market in 2026. He notes that non-essential consumer goods and small-cap sectors were upgraded to overweight, supported by price stabilization, firmer commodity demand, rising earnings momentum, and the prospect of interest rate cuts.

Wilson emphasizes the Federal Reserve remains a pivotal driver, with the Nasdaq 100 earnings trend strengthening since late October, even as the labor market shows only mild softening. For crypto markets, this backdrop suggests a cautious but constructive risk-on environment that could lift Bitcoin and other major digital assets alongside broader liquidity conditions.