Large-cap U.S. stocks have outperformed virtually all comers over the past 15 years. According to some of the world’s largest investment banks, that is unlikely to change in 2025.

U.S. stocks rose to records Tuesday after Donald Trump’s latest talk about tariffs created only some ripples on Wall Street, even if they could roil the global economy were they to take effect. The Dow Jones Industrial Average added 123 points,

Stocks wavered in morning trading on Wednesday, as losses for several Big Tech companies offset gains elsewhere in the market. The S&P 500 fell 0.3% in morning trading, even though more stocks were rising than falling in the index.