Expect 2025 to be a happy new year for your investments. Unless | Money [Video]

New York (CNN) — Stocks had a blockbuster 2023 and 2024. Will 2025 be a three-peat?

After two years of substantial gains, Wall Street expects the good times for markets to keep going this year — just not on the massive scale investors have been spoiled with lately.

Wall Street forecasts reviewed by CNN show that most strategists expect double-digit percentage growth for the S&P 500 in 2025, though more moderate than in 2024. Analysts expect the S&P 500 to rise 14.8% in 2025, according to FactSet.

US stocks surged last year as strong economic growth, cooling inflation, a series of Federal Reserve rate cuts and enthusiasm for President-elect Donald Trump’s election victory boosted investor optimism. Tech and AI stocks were the stars of 2024, and they are largely expected to lead growth again in 2025.

Yet Wall Street analysts warn of potential downsides in 2025. Uncertainty around tariff policy proposed by Trump, potentially resurgent …