Support for semiconductor stocks could be as much as 15% lower than current levels, says Morgan Stanley

What happened: Morgan Stanley's chief stock-market strategist kept his forecast for the S&P 500 to end the year at 8,000, while flagging growing caution about the semiconductor sector. Key numbers: S&P 500 year-end target of 8,000. Support for semiconductor stocks could be as much as 15% lower than current levels. Why it matters: The strategist identified that support for the key semiconductor sector could come considerably lower, signaling caution on a sector central to the index outlook.

Morgan Stanley's chief stock-market strategist kept his forecast for the S&P 500 to end the year at 8,000, while flagging growing caution about the semiconductor sector.

The strategist identified that support for the key semiconductor sector could come considerably lower, signaling caution on a sector central to the index outlook.