Big Gains for the US Stock Market May Be Ending

Good morning. The good times may be over, at least for the US stock market, Goldman Sachs says. Apple CEO Tim Cook has another job: helping Nike turn things around. And lower interest rates and new government measures are helping revive Hong Kong’s luxury housing market. Listen to the day’s top stories.

A decade of big US stock market gains may be over, according to Goldman Sachs strategists. The S&P 500 Index is unlikely to sustain the above-average performance of the past 10 years as investors turn to other assets including bonds for better returns. It’s expected to post an annualized nominal total return of just 3% over the next 10 years. Muddy Waters’ Carson Block disagreed. “Close your eyes and buy probably Magnificent Seven,” he said, referring to the grouping of mega-cap stocks. In markets today in the US, stocks took a breather after notching their longest weekly rally this year.