Since entering 2024, the US stock market has continued to soar, with a hidden crisis beneath the new high? UBS warns that the three major risks may cause the S&P 500 to plummet by 23%. As of the close of Monday Eastern Time, the Dow Jones and S&P 500 indices have continued to hit historic highs, and US stock bulls can be said to be feeling proud. However, UBS's latest report warns that this year's US stock market bulls are not at ease. David Lefkowitz, Chief Investment Officer of UBS's US stock market, warns that the US stock market will mainly face three major risk factors this year. These three major risks may break the upward trend of the US stock market, causing the S&P 500 index to fall 23% to 3700 points, slightly higher than the low point of the bear market in October 2022.