Goldman Says U.S. Stocks Will Continue to Underperform the Rest of the WorldStock Market News for Wednesday, Nov. 12, 2025: Dow Tops 48,000 With Shutdown End in SightLast Updated:8 hours agoDespite a more than 16% rally in the S&P 500 this year, U.S. stocks have been an underperformer on a global scale.The MSCI global index is up more than 19% this year. London’s FTSE 100 has returned 21%, while BlackRock’s iShares MSCI Emerging Markets ETF has added over 32%.Goldman Sachs expects this trend to continue over the next decade. Strategists led by Goldman's chief global equity strategist Peter Oppenheimer wrote in a note to clients that lofty valuations in the U.S. and higher expected growth in other countries will lead other markets to outperform.