Here’s what’s been happening on Wall Street overnight

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Morgan Stanley says industrial companies will dominate the market going forward

Morgan Stanley is the most bearish firm on Wall Street right now when it comes to stocks.

Over the past few weeks, it has made no bones about what it calls a “rolling bear market” – or the type of long, drawn-out pullback that infects sectors one by one.

The firm has been particularly pointed in its comments about tech, which has led major indexes to record highs but is now seen by Morgan Stanley as vulnerable to a sharp sell-off.

But this doesn’t necessarily mean the firm thinks all areas of the stock market should be off-limits. It just means investors need to take a deep breath and look at industries that are depressed, underappreciated, or both.

In the eyes of the equity strategists at Morgan Stanley, the industrial sector fits this to a tee. The firm argues that industrials possess the appealing combination of attractive valuation and future profit upside.

Canadian cannabis companies are whipping around after report says workers may face lifetime travel ban to US

Canadian cannabis companies were under pressure Friday morning, down as much as 15%, following a report suggesting workers may face a lifetime ban on travel to the US.

A Politico report published after markets closed on Thursday, citing a senior official overseeing US border operations, said any Canadian working in the marijuana industry would not be permitted to enter the US. “If you work for the industry, that is grounds for inadmissibility,” Todd Owen, the executive assistant commissioner for the US Customs and Border Protection’s Office of Field Operations, told Politico.

Lehman Brothers collapsed 10 years ago – here are the 27 scariest moments of the financial crisis

Eleven years ago, the US economy went into recession, the US housing market crashed, and credit markets seized bringing the banking industry to its knees. It was a global financial crisis.

Businesses went down and workers lost jobs. And Americans were losing hope, which only made things work.

For many, the low critical moment was when Lehman Brothers went bankrupt on September 15, 2008. But the memory of critical events before and after that fateful day is slowly fading. Hearings, lawsuits, bailouts – it all gets muddled together.

Business Insider has outlined the major moments from 2007 to 2009. From the initial reports of subprime defaults to the collapse of Lehman Brothers to AIG’s second bailout, here are the 27 scariest moments of the financial crisis.

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