latest US stock research report released by Goldman Sachs shows that the bear market in US stocks may last longer. The current bear market is event-driven (triggered by tariffs). However, given the increasing risk of economic recession, it is easy to evolve into a cyclical bear market. Goldman Sachs further analyzes that, in terms of trends, the average decline of cyclical bear markets and event-driven bear markets is usually around 30%, although their durations are different. Event-driven bear markets have a shorter duration and faster recovery. Cyclical bear markets typically last about two years and take about five years to fully rebound to the starting point, while event-driven bear markets usually last about eight months and take about a year to recover. The impact of structural bear markets is the most severe, with an average decline of about 60%, a duration of over three years, and usually takes ten years to fully recover.