Investing.com - The bull market in stocks is not over yet, but the end is near, according to Morgan Stanley (NYSE:MS). In a note to clients, the Wall Street firm says stocks will have "one last rally" this summer before peaking in the third or fourth quarter. Morgan says there's been a "fundamental shift" in the market environment, wherein growth is slowing, inflation is rising and the Federal Reserve will speed up interest rate hikes. The firm says history shows stocks usually peak nine to 12 months following a peak in corporate credit, which in this case occurred in January. Morgan says investors should expect a "series of rolling tops" and volatility similar to the early part of 2018 as the bull market winds down.