The Stock Market Flashed This Warning Only Once Before. What Comes Next Isn’t Pretty

The stock market keeps climbing, even as investors wrestle with sticky inflation, elevated interest rates, and slowing earnings growth. The S&P 500 has returned over 26% over the past 12 months, driven largely by artificial intelligence enthusiasm and a small group of mega-cap technology stocks.

But beneath the rally sits a number that deserves attention ... The Stock Market Flashed This Warning Only Once Before.