Treasury Bonds now have a higher yield than U.S. Stocks, Morgan Stanley is telling clients to cut back on US stocks

US stocks are too expensive. International stocks have outperformed by a wide margin this year

Treasury Bonds now have a higher yield than U.S. Stocks, a change from what we've seen over the last 20 years pic.twitter.com/GU2fcssmN4

— Barchart (@Barchart) October 1, 2025

RIP Morgan Stanley 🫡😂 https://t.co/PGL4x4pvEr

— Barchart (@Barchart) October 1, 2025

Here are the current largest holdings in the top 10 most popular ETFs in the world

A thread 🧵⬇️

1) $VOO: Vanguard S&P 500 ETF pic.twitter.com/UzyP6yIVFM

— ETF Tracker (@TheETFTracker) September 30, 2025