The stock market is showing cracks - and even the 'Magnificent 7' aren't safe from a recession, Morgan Stanley's stock chief warns

• Large parts of the stock market are suffering a breakdown, Morgan Stanley's equity chief said.
• Even the "Magnificent Seven" stocks will feel some pain if a recession hits, Mike Wilson said.
• Pandemic savings are running dry and student-loan payments resume in October, Wilson noted.

The outlook for stocks is darkening as consumers run short of cash, and even the best-performing names could tumble if a recession hits, Morgan Stanley's stock chief has warned.

"We are seeing a breakdown again in a lot of the stock market," Mike Wilson said on "Bloomberg Surveillance" this week.