Goldman Sachs

Uber selects Morgan Stanley to lead IPO

Uber CEO Dara Khosrowshahi. Photo: Jerod Harris/Getty Images for Fortune

Uber has picked Morgan Stanley to lead its IPO, per Bloomberg.

The big picture: That's a pretty big upset, given that Goldman Sachs was considered a shoo-in for the role before last year's Uber management shakeup. Got to wonder if it helped that Morgan Stanley's Michael Grimes moonlighted as an Uber driver.

Market pessimism is back

Illustration: Sarah Grillo/Axios

"It’s the Worst Time to Make Money in Markets Since 1972," Bloomberg's Elena Popina writes.

Details: "Ned Davis Research puts markets into eight big asset classes — everything from bonds to U.S. and international stocks to commodities. And not a single one of them is on track to post a return this year of more than 5 percent, a phenomenon last observed in 1972."

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