What stalled this year’s seemingly infallible stock market rally

The 2024 gangbusters rally has skidded to a screeching halt.

A version of this story first appeared in CNN Business’ Before the Bell newsletter. Not a subscriber? You can sign up right here. You can listen to an audio version of the newsletter by clicking the same link. The 2024 gangbusters rally in stocks has skidded to a screeching halt. The S&P 500 index has fallen 4.6% so far in April, and all three major US indexes are on track for their first negative month since last October. The Dow Jones Industrial Average is on the brink of wiping out its gains since the start of 2024 — it’s up just 0.2% — while the S&P 500 is up 5.1% and the Nasdaq Composite has added 3.9%. CNN’s Fear & Greed Index, which measures seven barometers of market sentiment, closed Thursday at a “fear” reading, down from “greed” a month ago. Behind the turmoil? Strong economic data and sticky inflation have led Wall Street to push back its expectations for when the Federal Reserve will begin cutting interest rates. A boost to oil prices from rising tension in the Middle East hasn’t helped. Data released this month showed that inflation remains stubbornly above the Fed’s 2% target. Employers added a stunning 303,000 jobs in March, blowing past expectations. Spending at US retailers rose for the second consecutive month, highlighting the US consumers’ resilience even with rates perched at a 23-year high.