Why BlackRock says the stock market’s big summer rally isn’t worth chasing ....

Equities were slightly higher at midday Monday, taking back modest loses seen after U.S. data missed forecasts and China’s unexpected signs of slowing growth damped investor sentiment. Financial markets have been shifting back and forth between two narratives — one in which easing inflation and slowing growth give the Fed room to back off aggressive rate hikes, the other in which persistently high price gains coupled with a robust labor market compel policy makers to continue lifting borrowing costs.

July’s downside surprise in the consumer-price index gave equities a boost and helped send the $S&P 500 Index (.SPX.US)$, 0.40% and $Nasdaq Composite Index (.IXIC.US)$, 0.62% to their fourth straight week of gains on Friday. The S&P 500 has surged more than 16% from its June low and retraced more than 50% of its bear-market drop. $SPDR S&P 500 ETF (SPY.US)$ $Invesco QQQ Trust (QQQ.US)$ $Dow Jones Industrial Average (.DJI.US)$