Sticky inflation and weaker earnings mean stock prices aren't going anywhere, Morgan Stanley strategist says

• Stock prices are likely to be "range-bound" for the next six to nine months, says Morgan Stanley.
• Sticky inflation and soft earnings will lead to "churn" in the market, Lisa Shalett said.
• Equities started 2023 on a tear, but that rally has petered out over the past two months.

Stocks have been locked in a low-volatility snoozefest for the past few months – and it's unlikely that valuations will rise or fall significantly anytime soon, according to Morgan Stanley Wealth Management.