On January 10, Gelonghui reported that the Bank of America analysis team expects that after the S&P 500 Index achieved outstanding returns over the past two years, its performance this year may not be particularly encouraging, although it might still record positive returns for the entire year. The index rose 23.3% last year, marking the best cumulative increase since 1997 to 1998, mainly benefitting from strong economic performance, easing inflation, and the rise of AI. Led by Stephen Suttmeier, the Bank of America analysis team believes that the index's past outstanding performance is unlikely to continue, as there are no special stimulus factors this year, but rather an array of negative factors that will significantly impact its performance. Negative factors mentioned by Bank of America include the possibility that the Federal Reserve may slow down its interest rate cuts, and the new policies implemented since Trump's presidency in the USA may also have adverse effects. Suttmeier warned that the index may not achieve gains in every quarter, particularly with potential declines in the first quarter and downside risks in the first half of the year.