Stock market winners and losers are already emerging from the next extreme weather cycle

• The market is beginning to price in the effect of the new El Niño weather pattern, Morgan Stanley said.
• It's already sent utilities and chocolate stocks plummeting and insurance stocks soaring so far this year.
• Mentions of "El Niño" in earnings conference calls have also been on the rise.

The market is beginning to price in the effect of the next extreme weather cycle — and it's sending stocks on diverging paths.

That's because the upcoming El Niño phenomenon has come into clearer focus, allowing Wall Street to predict who the top winners and losers could be. In fact, mentions of "El Niño" in earnings calls are already rising.