Woofun AI reports that Morgan Stanley Chief Equity Strategist Michael Wilson and his team identified a structural shift in the U.S. stock market, with earnings growth momentum moving from technology giants to a wider array of index constituents.

Data indicates that the median earnings per share growth rate within the S&P 1500 Composite Index has exceeded 10%, a trend Wilson attributes to the resilience of mid-cap companies. Consequently, equal-weighted indices such as the S&P 500 have begun to outperform their market-cap-weighted counterparts for the first time since 2022, highlighting stronger defensive characteristics and growth potential in traditional sectors linked to macroeconomic expansion.