The S&P 500 notched a marvelous rally in the first three months of 2024, banking on AI optimism and hopes that the Federal Reserve will cut interest rates in the second half of this year. However, the broader index has experienced a topsy-turvy ride so far this month. This is because of a hotter-than-expected rise in consumer prices and an uptick in wholesale prices that dampened the chances of any rate cuts soon. Even though the prices of indispensable goods and services dropped significantly from their peak of 9.1% in June 2022, they remain well above the coronavirus pandemic mark. The Labor Department noted that the consumer price index increased 0.4% month over month in March and rose 3.5% from a year ago, the biggest gain in six months. Analysts had projected a gain of 0.3% sequentially and an increase of 3.4% year over year. The increase in gasoline and shelter costs largely contributed to the rise in consumer prices. Wholesale prices also heated up last month. In the 12 months ending in March, the producer price index increased 2.1%, up from February's gain of 1.6%. An increase in service prices mostly drove wholesale prices higher, added the Labor Department. Needless to say, an increase in price pressures will compel the Fed to hold ...