Morgan Stanley says the market correction won't end until investors cut risk exposure

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New for subscribers: Morgan Stanley says the market correction won't end until investors cut risk exposure. Check out CNBCPro today.

The major averages are coming off their worst week since October as a retail trading frenzy spooked investors, and Morgan Stanley believes there's more downside ahead."We don't think the correction is over until leverage is reduced further by both institutional and retail investors," Michael Wilson, Morgan Stanley's chief equity strategist, said in a note to clients.

"While this correction is likely to get worse and feel bad in the short term, this is not a bubble or like 2000 for many reasons," he said.

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