Morgan Stanley’s Mike Wilson has stated that the S&P 500 is already experiencing a stealth correction, stating that the index may be stuck in a relatively tight, give-and-take range, but the damage isn't hidden in headlines. The past three months have been particularly difficult, with the index trading at 6,878.88, down 62.59 points or roughly 1%, based on the St. Louis Fed's FRED series. Wilson also highlighted a 68% spread between the top 50 and bottom 50 stocks year-to-date, the largest in 20 years. Despite this, Wilson believes that the stock market may be mostly done with a 70% to 80% correction.