This was the stock's fourth consecutive day of losses.

Morgan Stanley turned bullish on most major U.S. assets, upgrading its stance on stocks and Treasuries to "overweight", bolstered by reduced tariff uncertainty, no chance of a recession and the room for further rate cuts.

US equities are likely to drive the global rally in the coming months on an improving corporate earnings outlook and a weaker dollar, according to cross-asset strategists at Morgan Stanley.