Morgan Stanley advises not to be fooled by last week's rally in the S&P 500 Index, during which it surpassed the 4,200-point mark. According to the bank's senior strategist Michael Wilson, players should not take this move as the start of a bull market. He wrote that in a note published Monday, warning clients to be cautious.

As the strategist explained, there are many risks to sustained growth. These include the overvaluation of stocks, as well as the fact that only a limited number of securities are profitable right now. According to his assessment, this year we should not wait for impressive results from the U.S. stock market.

At the moment, investors are intensely watching the progress of negotiations to expand the country's national debt limit, preferring to refrain from risk. However, Wilson advises against giving too much importance to their outcome and counting on a rally, even if it is positive.