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Goldman Sachs recently unveiled its long-term outlook for global equities, painting a picture of steady, albeit moderate, growth for U.S. stocks, while simultaneously pointing to more dynamic opportunities in markets beyond its borders. The investment giant anticipates the S&P 500 achieving a respectable but not unprecedented annualized return of 6.5% over the next decade. This projection places the index at 9,000 by 2030 and an even higher 11,100 by 2035. However, the true revelation from their analysis lies in the compelling prospects of emerging markets, which are poised for significantly greater expansion.

This comprehensive forecast emphasizes the critical need for investors to broaden their horizons beyond traditional U.S. tech-centric portfolios. With the U.S. dollar expected to gradually weaken and the transformative impact of artificial intelligence set to be a global phenomenon, the firm advocates for a strategic reallocation towards regions exhibiting robust structural growth and favorable demographic trends. The message is clear: while the S&P 500 remains a foundational element of any diverse portfolio, the pursuit of superior long-term returns necessitates embracing the burgeoning potential found in developing economies across Asia and beyond.

S&P 500: Steady Growth, But Not the Top Performer

Goldman Sachs's ten-year forecast for the S&P 500 suggests an annual return of 6.5%, primarily driven by a 6% increase in earnings per share, complemented by modest dividends and a slight valuation drag. This outlook, while positive, is considered historically average, falling within the lower quartile of the index's long-term performance. When adjusted for inflation, the projected real return dwindles to 4% annually, placing it in the 33rd percentile of past outcomes. This indicates a period of solid, yet unexceptional, growth for the U.S. equity market, prompting investors to seek higher-yielding alternatives elsewhere.

The investment bank predicts the S&P 500 to climb to 9,000 by 2030 and further to 11,100 by 2035, reflecting continued corporate profitability and market stability. However, chief global equity strategist Peter Oppenheimer highlights that U.S. companies are unlikely to benefit from the same level of favorable conditions that boosted profit margins in previous decades. The current high concentration within the U.S. equity market also introduces an element of uncertainty into long-term forecasts. Despite a projected range of 3% to 10% annual returns, the base case suggests a decent, but not outstanding, performance, underscoring the need for strategic diversification.

Emerging Markets and Asia: The Epicenter of Future Returns

The most compelling aspect of Goldman Sachs's analysis is its strong confidence in emerging markets, projecting an impressive 10.9% annual return in local currency and an even higher 12.8% in U.S. dollar terms over the next decade. This substantially outperforms the S&P 500's expected gains, driven by robust EPS growth, attractive dividend yields, and significant improvements in corporate governance, particularly in key economies like India, China, and South Korea. These regions are poised to benefit from structural economic strength, favorable demographics, and policy reforms aimed at enhancing shareholder value, making them prime candidates for substantial capital appreciation.

India, in particular, stands out with a projected 12.6% average annual earnings growth, fueled by strong GDP expansion and a young, growing population. Policy-driven initiatives are expected to increase dividend payouts and share buybacks across the emerging market landscape, with the MSCI EM dividend yield anticipated to rise from 2.5% to 3.2% by 2035. Asia, excluding Japan, is also forecast to deliver solid 10.3% annual returns. This strong performance, coupled with an expected depreciation of the U.S. dollar and the global spread of AI benefits beyond U.S. tech giants, positions emerging and Asian markets as the primary engines of long-term investment growth and diversification for global portfolios.

November 12, 2025, is poised to be a significant day for investors as numerous companies across various sectors prepare to unveil their latest financial results. This detailed report highlights key expectations regarding earnings per share and revenue for a wide array of businesses, providing a crucial overview for market participants looking to stay informed on upcoming corporate performance.

Among the companies scheduled to report before market open, Hudbay Minerals (HBM) is projected to announce quarterly earnings of $0.07 per share on $411.46 million in revenue. European Wax Center (EWCZ) anticipates $0.11 per share in earnings from $52.59 million in revenue. Boyd Group Services (BGSI) expects earnings of $0.66 per share on revenues reaching $792.07 million. Katapult Holdings (KPLT) is forecast to report a quarterly loss of $0.21 per share with $74.55 million in revenue, while Boyd Gaming (BYD) is projected to achieve earnings of $1.15 per share on $860.60 million in revenue. BitFuFu (FUFU) is estimated to report $0.02 per share in earnings from $129.20 million in revenue. Rockwell Medical (RMTI) faces an anticipated loss of $0.04 per share with $16.46 million in revenue. Dingdong (Cayman) (DDL) is also expected to release its third-quarter earnings. On Holding (ONON) predicts $0.20 per share in earnings on $939.02 million in revenue, and Flex LNG (FLNG) is looking at $0.47 per share on $83.52 million. HUYA (HUYA) will present its third-quarter results. Tencent Music Entertainment Group (TME) forecasts $0.20 per share in earnings from $1.11 billion in revenue. Ucloudlink Group (UCL) projects $0.02 per share in earnings on $22.10 million. ICL Group (ICL) is expected to report $0.09 per share in earnings from $748.00 million. TransDigm Group (TDG) anticipates $9.88 per share on $2.41 billion in revenue. Arcos Dorados Holdings (ARCO) expects $0.15 per share on $1.21 billion in revenue, and Kopin (KOPN) is projected for a $0.01 per share loss on $14.52 million. Local Bounti (LOCL) forecasts a $0.96 per share loss on $12.50 million in revenue. Loar Holdings (LOAR) is set to report $0.20 per share on $124.77 million in revenue. Enlight Renewable Energy (ENLT) estimates $0.08 per share in earnings on $352.66 million. Autolus Therapeutics (AUTL) expects a $0.23 per share loss on $22.47 million. Allurion Technologies (ALUR) projects a $1.73 per share loss on $2.05 million. Abeona Therapeutics (ABEO) anticipates a $0.31 per share loss on $5.49 million. NETSOL Technologies (NTWK) will release its first-quarter earnings. Hydrofarm Holdings Group (HYFM) expects a $1.24 per share loss on $35.73 million. Humacyte (HUMA) is projected to lose $0.16 per share on $921 thousand in revenue. LiveOne (LVO) forecasts a $0.36 per share loss on $19.31 million. Acumen Pharmaceuticals (ABOS) is also due to report its third-quarter earnings. Loews (L) expects $0.68 per share in earnings on $19.51 billion in revenue. BiomX (PHGE) will release its third-quarter earnings. Crown Crafts (CRWS) is set to report second-quarter earnings. McGraw Hill (MH) projects $0.35 per share in earnings on $640.79 million. Jerash Holdings (US) (JRSH) forecasts $0.14 per share in earnings on $41.00 million. GLOBALFOUNDRIES (GFS) expects $0.35 per share in earnings on $1.68 billion. Gilat Satellite Networks (GILT) is expected to report $0.11 per share on $112.70 million. IHS Holding (IHS) forecasts $0.10 per share on $422.29 million. Mastech Digital (MHH) anticipates $0.15 per share on $49.47 million. TIC Solutions (TIC) projects $0.09 per share on $468.70 million. Legend Biotech (LEGN) expects a $0.12 per share loss on $276.00 million. Cormedix (CRMD) is estimated to report $0.57 per share on $86.02 million. Creative Realities (CREX) anticipates a $0.10 per share loss on $11.89 million. AIM ImmunoTech (AIM) projects a $0.37 per share loss on $129.50 million. FTC Solar (FTCI) expects a $0.55 per share loss on $21.19 million. Regis (RGS) will report its first-quarter earnings. Caesarstone (CSTE) anticipates a $0.29 per share loss on $97.60 million. PolyPid (PYPD) will release its third-quarter earnings. Lucid Diagnostics (LUCD) expects a $0.08 per share loss on $1.33 million. Circle Internet Group (CRCL) projects $0.17 per share on $703.31 million. Advanced Flower Capital (AFCG) forecasts $0.17 per share on $6.68 million. Acurx Pharmaceuticals (ACXP) will release its third-quarter earnings. Nuwellis (NUWE) is also due to report its third-quarter earnings. Innoviz Technologies (INVZ) anticipates a $0.09 per share loss on $16.95 million. Riskified (RSKD) is projected to lose $0.01 per share on $80.22 million. Valens Semiconductor (VLN) expects a $0.08 per share loss on $15.40 million. Radcom (RDCM) forecasts $0.19 per share on $17.99 million. Cellebrite DI (CLBT) is projected to report $0.12 per share on $123.11 million. Sanara MedTech (SMTI) expects a $0.23 per share loss on $26.64 million.

Following the market close, flyExclusive (FLYX) is scheduled to release its third-quarter earnings. TKO Group Holdings (TKO) anticipates earnings of $0.15 per share on $513.27 million in revenue. Flutter Entertainment (FLUT) expects $0.39 per share in earnings from $3.27 billion in revenue. Investcorp Credit (ICMB) projects quarterly earnings of $0.05 per share on $4.41 million. M-Tron Industries (MPTI) is estimated to report $0.69 per share in earnings on $14.10 million. Team (TISI) is expected to release its third-quarter earnings. Great Elm Group (GEG) will report its first-quarter earnings. AlTi Global (ALTI) anticipates $0.03 per share in earnings on $51.90 million. Snail (SNAL) projects a $0.05 per share loss on $22.00 million. Integra Resources (ITRG) expects $0.12 per share in earnings on $37.95 million. WaterBridge Infrastructure (WBI) is projected to report $0.08 per share in earnings on $199.69 million. Pulmonx (LUNG) forecasts a $0.41 per share loss on $20.80 million. MDxHealth (MDXH) expects a $0.12 per share loss on $25.62 million. Alvotech (ALVO) is estimated to report $0.02 per share in earnings on $122.80 million. Taseko Mines (TGB) will release its third-quarter earnings. Intellicheck (IDN) anticipates a $0.01 per share loss on $5.51 million. Dolphin Entertainment (DLPN) projects a $0.06 per share loss on $14.00 million. Draganfly (DPRO) expects a $0.19 per share loss on $1.35 million. ATA Creativity Global (AACG) will report its third-quarter earnings. Aethlon Medical (AEMD) is projected to release its second-quarter earnings. United States Antimony (UAMY) forecasts $0.01 per share in earnings on $12.78 million. Vicarious Surgical (RBOT) will report its third-quarter earnings. DiaMedica Therapeutics (DMAC) is also scheduled to release its third-quarter earnings. Biofrontera (BFRI) expects a $0.58 per share loss on $7.00 million. US Global Investors (GROW) will release its first-quarter earnings. Intelligent Protection Management (IPM) projects $0.01 per share in earnings on $5.84 million. Vox Royalty (VOXR) anticipates $0.02 per share in earnings on $4.00 million. TAT Technologies (TATT) expects $0.39 per share in earnings on $46.27 million. Silvaco Group (SVCO) projects a $0.08 per share loss on $16.00 million. MaxCyte (MXCT) anticipates a $0.10 per share loss on $8.91 million. FrontView REIT (FVR) projects $0.06 per share in earnings on $17.23 million. Journey Medical (DERM) expects a $0.05 per share loss on $18.39 million. Afya (AFYA) is estimated to report $0.31 per share in earnings on $168.75 million. Pure Cycle (PCYO) will release its fourth-quarter earnings. Sky Harbour Group (SKYH) anticipates a $0.10 per share loss on $8.23 million. BioCardia (BCDA) is projected to report its third-quarter earnings. Southland Holdings (SLND) expects a $0.20 per share loss on $243.99 million. BioRestorative Therapies (BRTX) anticipates a $0.38 per share loss on $436 thousand. Duos Technologies Group (DUOT) expects a $0.12 per share loss on $7.30 million. Talphera (TLPH) will release its third-quarter earnings. Ascendis Pharma (ASND) projects a $0.41 per share loss on $248.64 million. Digi International (DGII) expects $0.48 per share in earnings on $110.75 million. Celcuity (CELC) will release its third-quarter earnings. Fractyl Health (GUTS) is expected to report its third-quarter earnings. Atea Pharmaceuticals (AVIR) will release its third-quarter earnings. Stran & Co (SWAG) is projected to report its third-quarter earnings. Urgently (ULY) expects a $2.40 per share loss on $32.30 million. CXApp (CXAI) anticipates a $0.22 per share loss on $1.30 million. Immuneering (IMRX) will report its third-quarter earnings. Cisco Systems (CSCO) projects $0.91 per share in earnings on $14.78 billion. Aqua Metals (AQMS) will release its third-quarter earnings. eGain (EGAN) expects $0.07 per share in earnings on $23.23 million. Logistic Properties (LPA) is projected to report its third-quarter earnings. IZEA Worldwide (IZEA) anticipates $0.10 per share in earnings on $10.00 million. Kodiak AI (KDK) expects a $0.16 per share loss on $480 thousand. Global X Super Dividend ETF (DIV) projects $0.05 per share in earnings on $19.51 million. Surgepays (SURG) expects a $0.15 per share loss on $18.12 million. Tecogen (TGEN) anticipates a $0.05 per share loss on $6.68 million. i-80 Gold (IAUX) will release its third-quarter earnings. iShares Gold Trust Shares of the iShares Gold Trust (IAU) is expected to report its third-quarter earnings. Ibotta (IBTA) projects $0.34 per share in earnings on $81.84 million. Okeanis Eco Tankers (ECO) anticipates $0.33 per share in earnings on $49.86 million. Surf Air Mobility (SRFM) expects a $0.61 per share loss on $27.92 million. Ampco-Pittsburgh (AP) will release its third-quarter earnings. Pan American Silver (PAAS) projects $0.50 per share in earnings on $855.17 million. CI&T (CINT) anticipates $0.36 per share in earnings on $456.98 million. Usio (USIO) expects $0.01 per share in earnings on $22.33 million. Manulife Financial (MFC) will release its third-quarter earnings. AuthID (AUID) is projected to report its third-quarter earnings. KinderCare Learning (KLC) forecasts $0.12 per share in earnings on $682.03 million. Absci (ABSI) expects a $0.20 per share loss on $1.69 million. Electromed (ELMD) projects $0.21 per share in earnings on $16.65 million. GRAIL (GRAL) anticipates a $3.36 per share loss on $34.70 million. Alliance Entertainment (AENT) forecasts $0.08 per share in earnings on $240.00 million. GCT Semiconductor Holdings (GCTS) projects a $0.19 per share loss on $1.19 million. Dyadic International (DYAI) expects a $0.04 per share loss on $1.16 million. Aeluma (ALMU) anticipates a $0.03 per share loss on $1.26 million. Playboy (PLBY) projects a $0.02 per share loss on $29.55 million. Semler Scientific (SMLR) expects a $0.14 per share loss on $7.87 million. DLocal (DLO) forecasts $0.17 per share in earnings on $264.96 million. Crescent Capital BDC (CCAP) is estimated to report $0.47 per share in earnings on $42.38 million. Webtoon Entertainment (WBTN) projects a $0.04 per share loss on $384.11 million. Kore Group Holdings (KORE) anticipates a $0.47 per share loss on $72.70 million. Anterix (ATEX) expects a $0.62 per share loss on $1.43 million. Tidal Trust III VistaShares Electrification Supercycle ETF (POW) is likely to report its third-quarter earnings. Firefly Aerospace (FLY) expects a $0.42 per share loss on $28.20 million. First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund (GRID) projects a $0.01 per share loss on $13.24 million. Tetra Tech (TTEK) anticipates $0.40 per share in earnings on $1.07 billion. RMR Group (RMR) expects $0.22 per share in earnings on $213.70 million. Advisor Managed Portfolios LionShares U.S. Equity Total Return ETF (TOT) projects $0.52 per share in earnings on $264.00 million. CuriosityStream (CURI) anticipates a $0.02 per share loss on $16.31 million. HeartFlow (HTFL) expects a $0.25 per share loss on $42.01 million. Ardent Health (ARDT) projects $0.42 per share in earnings on $1.55 billion. Innovate (VATE) will release its third-quarter earnings. KORU Medical Systems (KRMD) expects a $0.03 per share loss on $9.69 million. Global Water Resources (GWRS) anticipates $0.08 per share in earnings on $15.49 million. Lulus Fashion Lounge (LVLU) projects a $0.90 per share loss on $75.68 million. PagSeguro Digital (PAGS) forecasts $0.35 per share in earnings on $959.76 million. Fidelis Insurance Holdings (FIHL) expects $1.36 per share in earnings on $709.49 million. DeFi Development (DFDV) anticipates a $0.33 per share loss on $2.80 million. TWFG (TWFG) projects $0.18 per share in earnings on $63.74 million. LandBridge (LB) expects $0.45 per share in earnings on $50.37 million. North American Construction Group (NOA) anticipates $0.46 per share in earnings on $234.18 million. SoundThinking (SSTI) projects a $0.06 per share loss on $27.85 million. Airgain (AIRG) expects a $0.03 per share loss on $14.16 million. Serve Robotics (SERV) anticipates a $0.30 per share loss on $690 thousand. PaySign (PAYS) projects $0.04 per share in earnings on $19.75 million. 374Water (SCWO) will release its third-quarter earnings. PGIM ETF Trust PGIM Portfolio Ballast ETF (PBL) expects $2.81 per share in earnings on $162.50 million. Wrap Technologies (WRAP) is scheduled to release its third-quarter earnings.

As these companies prepare to announce their financial results, investors will be closely watching to see how actual performance aligns with analyst expectations. These reports will offer valuable insights into the health and future prospects of these diverse businesses, influencing market sentiment and investment decisions. The collective impact of these disclosures on November 12, 2025, will provide a clearer picture of economic trends and sector-specific performance.