Starting Oct 2024 CPI was moving below PPI putting profits under pressure.

Profits were under pressure all during 2022 until Jan 2023 when profits soared

because CPI consumer prices were well above producer-wholesale prices.

NOTICE the CPI moves under PPI 1 year ahead of the S&P and vice-versa.

Jan 2017 it moves below and 2018 the stocks fall -20% OR

Jan 2021 it falls rapidly and 2022 the S&P falls -20% OR CPI-PPI rises rapidly during 2022

and S&P pops big in 2023.

AND NOW monthly (annualized)