The stock market rally looks fragile. Here's one way to hedge against a pullback

As equity markets continue their climb on a narrow and crowded trade with relatively thin volume, it is starting to look more fragile than just a few weeks ago. The CPI shock on Tuesday made that clear: headline inflation accelerated to +0.6% month over month and +3.8% year over year, the hottest annual pace since May 2023, while core CPI re-accelerated and the 10-year yield jumped toward a one-year high. …