The US stock market bull run marked its four-year anniversary this Monday (October 12), with the S&P 500 index having surged nearly 120% since its low on October 12, 2022. Investors believe that reaching a fifth birthday for this bull market may be challenging amidst high inflation, soaring bond yields, and hawkish Federal Reserve policies. Oppenheimer analyst Ari Wald noted that the current bull market is the sixth longest among 24 bull markets since 1932, and historical data indicates a median remaining time of 13 months before a cycle peaks, suggesting 2027 could be the final stage of this bull run. Deutsche Bank strategist Parag Thatte believes that the rotation into technology stocks has gone too far, and the risk-reward is no longer favorable.