Morgan Stanley is urging its super-rich clients to pull out of one of the market's hottest corners, and it's a warning shot to the US economy

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• Morgan Stanley Wealth Management has told its clients to "consider taking profits" in the consumer-discretionary sector and has offered three alternatives.
• Consumer spending contributes to more than two-thirds of the US economy's growth.
• The firm's investment committee said the economic boost from tax cuts may be short-lived, and highlighted other trends that could set back the American consumer.

The consumer-discretionary sector is the stock market's best performer of the last decade - but now it's time to consider taking profits, says Morgan Stanley Wealth Management.

The sector's chart-topping performance on the S&P 500 is just one reason for the recommendation offered by Lisa Shalett, the head of investment and portfolio strategies, in a note on Monday.

Companies in the sector range from automakers to apparel makers and casinos, which make goods and services that consumers splurge on. Consumer spending contributes to more than two-thirds of the economy's growth. ...

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