Analysts are expressing caution regarding future stock market returns, particularly in the context of historical trends. DataTrek highlighted that the stock market has experienced prolonged periods of 3% returns, typically following significant economic events such as the Great Depression, the 1973-1974 oil crisis, and the 2008 Financial Crisis. Ritholtz Wealth Management echoed this sentiment, suggesting that forecasting 10-year returns of 3% could imply an impending economic downturn of considerable severity. Meanwhile, CNBC noted that the Nasdaq bull market might yield a 10% return in the next year, provided there are no major shocks to the economy. However, concerns persist as analysts, including a well-known market bear, warn that the S&P 500 could underperform Treasurys by 10% over the next 12 years, indicating a challenging investment landscape ahead.