A pedestrian carries shopping bags in San Francisco on Sept. 16, 2021. U.S. consumers have become less positive.
David Paul Morris/Bloomberg
Consumers are sending worrisome signals that investors aren’t heeding. It’s time to pay attention.
The stock market and consumer sentiment usually rise and fall in tandem. Take the past 18 months. Ultraloose global monetary policy, record levels of fiscal stimulus, and rising earnings forecasts have sent stocks to successive highs. The…