Bullishness Remains Steady as Geopolitical and Energy Concerns Rise, Morgan Stanley Wealth Management Pulse Survey Finds

As uncertainty rises, investors keep a close watch on their portfolios

NEW YORK, April 22, 2026–(BUSINESS WIRE)–Morgan Stanley Wealth Management today announced the results of its quarterly retail investor pulse survey:

• Bullish sentiment holds. More than half of investors (55%) remain bullish this quarter, only slightly below last quarter (56%).

• Inflation remains the top concern as new pressures rise. While inflation continues to loom large (50%), concern about geopolitical conflict increased to 20% (up from 12% in Q1) and energy costs rose to 18% (up from 12% in Q1).

• Volatility expectations build. About two in three investors (63%) expect volatility to rise, six percentage points higher than last quarter.

• Upcoming midterms add to market anxiety. Nearly half (48%) of investors worry midterm elections could affect stock performance.

• Amid uncertainty, investors stay engaged. Half (50%) of investors have increased the amount of time they devote to their portfolio this quarter—up from 41% last quarter.

“With geopolitical concerns, policy uncertainty and higher costs, market whiplash is very real, making day-to-day moves feel noisy,” said Chris Larkin, Managing Director and Head of Trading and Investing, E*TRADE from Morgan Stanley. “But rather than pull back, many investors remain engaged—adjusting to volatility and looking for opportunities in a more complex market backdrop. A healthy dose of volatility is a normal part of market dynamics, and commitment to an investing plan is key.”

The survey explored investor views on sector opportunities for the second quarter of 2026:

• IT—With AI disruption continuing to move the market, more than half of investors (56%) point to information technology as the sector with the greatest potential this quarter.

• Energy–Amid spiking oil prices, investor interest in energy is unchanged this quarter, holding steady at 49%.

• Health care–As market risks shift, interest in health care—known for its relative stability during uncertainty—ticked up 2 percentage points to 35%.

About the Survey
This wave of the survey was conducted from April 1 to April 20 of 2026 among an online US sample of 940 self-directed investors, investors who fully delegate investment account management to financial professionals, and investors who utilize both. The survey has a margin of error of ±3.20 percent at the 95 percent confidence level. It was fielded and administered by Dynata. The panel is broken into three investable assets: less than $500k, between $500k to $1 million, and over $1 million. The panel is 60% male and 40% female and self-select as having moderate+ investing experience, with an even distribution across geographic regions, and age bands.