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

Flickr / schizoformMorgan 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. ...Sponsored: If you enjoyed reading this story so far, why don't you join Business Insider PRIME? Business Insider provides visitors from MSN with a special offer. Simply click here to claim your deal and get access to all exclusive Business Insider PRIME benefits. NOW WATCH: The Samsung Galaxy Note 9 is a $1,000 phone that's actually worth it function receiveMessage(event){ console.log(event.data.fullscreen); Android.fullscreen(event.data.fullscreen); }window.addEventListener(message, receiveMessage, false);

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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