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What poses the biggest risk to stocks right now?

It's been an interesting time for stock markets over the past few days, with the S&P 500 closing above 2,000 for the first ever time earlier this week despite a number of lingering economic and geopolitical risks. But despite this upward trend in equities, pressure points remain.

Analysts are watching the U.S. Federal Reserve's every move, amid fears of a hike in interest rates coming sooner than expected following a string of positive economic data and improvements in the country's labor market.

Read MoreMarket movers—what's keeping traders up at night

Across the Atlantic, the European Central Bank (ECB) is also in focus after President Mario Draghi hinted at policy action at a speech in Jackson Hole last week. His comments heightened expectations that a quantitative easing (QE) program could be on the way, but as some traders start to price in further stimulus, there's a risk the ECB could do too little – or do it too late.

Read MorePost-S&P milestone, Street looks for next catalyst

Elsewhere in Europe, the ongoing conflict between Ukraine and Russia continues to weigh. Talks between the countries failed to result in a peaceful solution earlier this week, amid growing concerns that all-out war is a possibility.

In light of this, which do you think poses the biggest risk to equity markets?

Read MoreHow low can they go? Traders eyeing global rates

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