In a report, Morgan Stanley's Mike Wilson wrote, "If the jobs data weakens from here, the market is likely to trade in a risk-off tone regardless of whether the Fed’s first rate cut is 25 basis points or 50 basis points." Wilson is one of the most prominent bears on the market for the first half of 2024. On the other hand, he said that if the job market improves, the Fed could cut rates by 25 basis points consecutively through mid-2025, which might further support equity valuations.