Morgan Stanley's Michael Wilson said the wild swings in U.S. stocks that have plagued Wall Street in 2025 are likely to continue at least through the second half of the year, with shares expected to remain below the highs hit last month. The firm's chief U.S. equity strategist expects any near-term gains to be temporary, and to be led by low-quality companies, given the uncertainty surrounding the outlook for corporate and economic growth. "My best guess is that this will be a rolling recovery," Wilson said in an interview. "We don't think another record high is likely in the first half of this year." But he added that another record high for stocks in the second half of 2025 is possible as investors turn their attention to 2026.