Goldman Sachs Sees Mid- to High-Single-Digit Stock Returns as Global Bond Yields Hit Multi-Year Highs
Updated
Updated · Yahoo Finance · Sep 2
Goldman Sachs Sees Mid- to High-Single-Digit Stock Returns as Global Bond Yields Hit Multi-Year Highs
3 articles · Updated · Yahoo Finance · Sep 2
Summary
Goldman Sachs expects stocks to return only mid- to high-single-digit percentages over the next 12 months, a step down after the S&P 500's 12% gain so far in 2026.
Peter Oppenheimer said much of the easy upside has already been captured and that further gains depend on economic growth holding up.
10-year U.S. Treasury yields recently touched their highest since 2023, while the 30-year yield sits near a two-decade high, tightening financial conditions for equities.
Japan's 10-year yield rose above 3% for the first time since 1996, with UK and German benchmark yields also at multi-year highs, underscoring a synchronized global bond sell-off.
Strategists say that sell-off signals waning investor confidence in governments' debt and inflation management, a risk equities have largely ignored so far.