Decade of Big S&P 500 Gains Is Over, Goldman Strategists Say

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Still, this year’s 23% bounce has been concentrated in a handful of the biggest technology stocks.

The Goldman strategists said they expect returns to broaden out and the equal-weighted S&P 500 to outperform the market cap-weighted benchmark in the next decade.

Even if the rally were to remain concentrated, the S&P 500 would post below-average returns of about 7%, they said.

The latest Bloomberg Markets Live Pulse survey showed investors expect the U.S. equity rally to extend into the final stretch of 2024.

The strength of Corporate America’s results are seen as more crucial for the stock market’s performance than who wins the U.S. presidential election or even the Federal Reserve’s policy path.

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