These sectors beat the market once a recession starts, Morgan Stanley says

Traders work on the floor of the New York Stock Exchange on March 10, 2020.
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With the coronavirus pandemic leading to widespread cancellations of events and more Americans staying at home, the U.S. may already be in a recession, Morgan Stanley's Michael Wilson said in a note to clients on Friday.

"We assume that if the economy goes into a recession, historians will tell us it started in February or March," Wilson said.

Once a recession starts, not all sectors of the stock market tend to recover in the same way, according to research by Morgan Stanley.