Emerging markets stocks are making a comeback and may even outpace the S&P 500 next year, analysts say

• Emerging markets are expected to outperform the S&P 500 next year, Goldman Sachs estimated.
• The overall MSCI Index is expected to see returns of 13.8% in 2024, more than the S&P 500's 8.2%.
• Meanwhile, DataTrek called the fourth quarter "a race between the favorite (S&P 500) and the underdog (Emerging Markets)."

After enduring a series of headwinds in recent years, emerging markets are rebounding and poised to beat US stocks next year, according to Goldman Sachs.

A "triple whammy" of higher US interest rates, a strong dollar and slower China growth weighed on emerging markets earlier. But the MSCI China Index is up 6.25% so far this month, MSCI Brazil is up 8.01%, and MSCI South Korea is up 13.21%.