Investors should brace for lower stock-market returns over the next decade, JPMorgan warns

Millennials and Generation Z might not enjoy the robust returns from U.S. stocks that helped swell the retirement accounts of their parents and grandparents, according to a team of equity analysts at J.P. Morgan Securities.

Over the next decade, the average calendar-year return of the S&P 500

SPX could shrink to 5.7%, based on the models maintained by a team of strategists at JPMorgan focused on long-term market performance. That is roughly half the pace of returns seen since the end of World War II.