As you can see here,

Bear markets begin when growth in real consumer spending (PCE) peaks and begins to slow

Today the Real Personal Consumption Expenditures are reported at 0% month/month growth (source).

Y/Y PCE chain deflator is 1.9%, Y/Y Real PCE growth is 2.7% (last month it was 2.9% and also 2.9% in April). It’s not horrible, but it’s bearish enough for the stock market