Michael Hartnett, a top strategist at Bank of America, has expressed a cautious outlook on the U.S. stock market for 2025. Despite the initial rebound in equities driven by expectations of easing trade tensions and lower tariffs, Hartnett believes the rally has likely ended. He anticipates that stock prices will decline following the formal announcement of trade deals, reflecting a "buy the expectation, sell the fact" dynamic. Hartnett also highlighted concerns about asset price vulnerabilities stemming from deleveraging contagion and risks associated with shifts in long-term Treasury yields under the influence of former President Donald Trump and Federal Reserve Chair Jerome Powell. His analysis suggests that while the tariff war is dissipating, these factors contribute to a bearish risk environment for U.S. equities moving forward.