Morgan Stanley and Goldman Sachs CEOs warned at a global investor summit that equity markets could face a 10-15 % draw-down even without a major macro shock. They cited stretched valuations, fading breadth and rising sentiment risks. U.S. futures slid after the remarks, with the VIX rising toward multi-week highs. The caution comes as the S&P 500 and Nasdaq hover near record levels and markets await clearer signals from the Federal Reserve and other major central banks.