The latest US stock research report released by Goldman Sachs shows that the duration of the US stock market may be longer. It is currently in an event-driven bear market (triggered by tariffs). However, given the rising risk of economic recession, it can easily evolve into a cyclical bear market. Goldman Sachs further analyzed that from the perspective of trend, the average decline of cyclical bear markets and event-driven bear markets is usually around 30%, although their duration varies.