U.S. markets were mixed on Monday. The Nasdaq Composite rose while the S&P 500 and the Dow Jones Industrial Average fell, with the latter snapping its three-day winning streak. The 10-year Treasury yield jumped almost 12 basis points. Europe’s Stoxx 600 index lost 0.66%, with almost all sectors retreating, though oil and gas stocks managed to gain 0.6%. The S&P 500 will return just 3% over the next 10 years, on an annualized and nominal basis, forecast Goldman Sachs’ equity strategy team led by David Kostin. By comparison, the index has returned an average 13% annually over the last 10 years, according to Goldman. The team pointed to high valuations and concentration in today’s stock market as reasons for their forecast.
Source: CNBC – Bonds
