Don’t expect a significant boost to stocks if and when the U.S. and China strike a deal on trade, Morgan Stanley CEO James Gorman said Friday.
S&P 500 is up more than 8 percent.
However, stocks struggled this week in partially due to worries that most positive news on trade was already priced into the market.
“I think the market has been observing the trade talks for a while. I think there will be some deal involving some set of victories on some sheets of paper, some warm hearts and handshakes, but the fundamental challenges on global trade will not be resolved in the next days, weeks or even months,” Gorman said. “These are multi-decade issues.”