U.S. stocks, welcoming a highly volatile January?

After experiencing two consecutive years of a bull market, Wall Street is optimistic about the U.S. stock market in 2025, but there are concerns about its performance in January next year. Historically, the U.S. stock market has had a "January effect," typically rising in January, but in recent years this phenomenon has shifted to the end of the year, increasing the risk of a pullback at the beginning of the year. Currently, the U.S. stock market faces three major risks: rising interest rates leading to increased valuation pressure, heightened concerns about secondary inflation, and reduced expectations for interest rate cuts by the Federal Reserve