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A chorus of stock market prognosticators at some of Wall Street’s biggest firms is warning clients to prepare for a pullback as sky-high equity valuations slam into souring economic data. 
On Monday, Morgan Stanley, Deutsche Bank AG and Evercore ISI all cautioned that the S&P 500 Index is due for a near-term drop in the weeks and months ahead. The predictions come after a furious rally from April’s lows that propelled the gauge to levels it has never seen before.
Morgan Stanley strategist Mike Wilson sees a correction of up to 10% this quarter as tariffs hit consumers and corporate balance sheets. Evercore’s Julian Emanuel is expecting a more substantial decline of as much as 15%. And a team at Deutsche Bank led by Parag Thatte notes that a small drawdown in equities is overdue considering they’ve been on a tear for over three months.

Today's show features:

• Bill Smead, Founder, Chairman and CIO of Smead Capital Management, on concentration risk in markets
• Joyce Mullen, President and CEO of Insight Enterprises, on recent earnings and customers putting off new projects and saving for future investments in AI
• Aaron Jagdfeld, Chairman, President and CEO of Generac, on earnings, the state of manufacturing in America, and US trade policy impact
• Kate Gulliver, Chief Financial Officer of Wayfair, on quarterly earnings and the health of the American consumer