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U.S. stock-market investors celebrate soft economic data. Here's when bad news becomes bad news again for Wall Street.

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With the U.S. second quarter corporate earnings reporting season largely behind the market, stock investors have been focusing on the latest economic data.

For most of the time, they have been reacting positively to “bad economic news,” or any data that may point to an economic slowdown.

Read: The Fed’s monetary policy has lost some of its potency and interest rates may need to rise much higher as a result, economist says Meanwhile, “what we’re experiencing is a rolling recession,” said Jamie Cox, managing partner at Harris Financial Group. Read: Fed rate hikes can end now that U.S. job gains are the size of an economy like Australia’s, says BlackRock

Investors should also be alert of the possibility that inflation may accelerate again, according to David Merrell, Managing Member and Founder of TBH Advisors.

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