The team led by Bank of America Analyst Stephen Suttmeier released a report indicating that the S&P 500 Index may become a victim of its own success this year, warning that the risk of a lackluster performance has increased. The index rose 23.3% last year and achieved its best two-year performance since 1997-1998, supported by a relatively healthy USA economy, easing inflationary pressures, and sustained enthusiasm for AI.

However, the report warns that the S&P 500 Index fell 2.5% in December last year, missing out on seasonal gains, which poses a 'risk' for January, the first quarter, and the first half of this year. The report also notes that although there is about a two-thirds chance that the S&P 500 Index will rise for the third consecutive year, the average and median ROI for the third year are 'poor.'