Stock Market News Today: Dow, Nasdaq Drop; Amazon Earnings in Focus

James Gorman is leaving his job at Morgan Stanley near the top. But not quite at it. Since he took over as the bank's chief executive at the start of 2010, Gorman’s strategy to bet big on wealth and asset management has proved to be the right one in the market’s eyes. While none of the big banks have beaten the S&P 500 over that time, Morgan Stanley’s 8.7% annualized total return is still nearly three points better than its closest rival, Goldman Sachs, at 5.

The stock hit its all-time high in February 2022, and like most of its peers has struggled over the course of the past year, thanks to sharply increasing interest rates, economic uncertainty and a banking crisis. Morgan Stanley’s shares are down about 23% over the past three months—the biggest decline among those big banks, according to FactSet.

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