普徕仕(T. Rowe Price)指出，美国股市的牛市周期已进入第四年，过去三年均录得双位数涨幅，这引发市场对涨势持续性的再度关注。虽然股市连年上涨并不罕见，但连续四年实现双位数回报的情况确实相当少见。在有利的宏观环境和稳健的基本面支撑下，普徕仕对股票资产保持积极看法。鉴于估值仍属合理，加之盈利前景向好、利率下降，以及监管松绑、并购活动和首次公开招股(IPO)等利好因素，该机构已增加对美国小型股的配置。看空的一方认为，多项不确定性正逐渐浮现，包括估值偏高、市场涨势集中于少数股票、美联储领导层变动下的政策方向存在变数、劳动力市场显现降温迹象，以及美国中期选举带来的政治风险。然而，历史经验表明，牛市并不会仅仅因为时间的推移而终结。即便当前估值较高，但尚未达到以往周期的极端水平。看多的一方也指出，多项支撑因素依然存在，包括企业盈利预期保持稳健、人工智能(AI)的受益范围持续扩大、财政政策支持、资本支出增加、监管环境趋于宽松、并购活动回升，以及贸易紧张局势逐渐缓和。
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