A long-running bull market in stocks may be about to enter its final inning. Morgan Stanley reiterated its cautious view on equities, arguing that a “rolling bear market” wasn’t yet over, and that it could soon impact the parts of the market that have been holding up successfully. Specifically, the investment bank said that small-capitalization stocks — which have benefited from the uncertainty surrounding trade policy, given their high levels of domestic revenue exposure — could be about to turn. Michael Wilson, Morgan Stanley’s chief U.S. equity strategist, said he was “a bit leery about the fact that small caps have become a perceived safe haven in the event of trade conflicts,” and that this “perception may now be overpriced.” Small-capitalization stocks, as benchmarked by the Russell 2000 index RUT, -0.52% , are up 8.9% over the course of 2018. The S&P 500 SPX, +0.46% is up 5% this year, while the Dow Jones Industrial Average DJIA, +0.54% is up 1.9%.via