Traders are overestimating the lasting impact of corporate tax cuts — and Morgan Stanley says one crucial corner of the market is particularly at-risk

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Morgan Stanley's chief US equities strategist says capital spending is slowing, creating a threat to tech and other sector that investors are missing.

Those investments — called capital expenditures, or capex — are critical for companies in the tech and industrial sectors among other areas.are expected to slip in the current quarter, and Wilson says companies won't spend as much money on items like machinery and software if their earnings are weak.

Wilson adds that there is a second problem: forecasts for spending growth are actually going up, even though earnings forecasts are coming down.

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