If there's one thing that may slow down the stock market this year, it's a recession. While low interest rates may be good for growth stocks, a lack of economic growth isn't good for any business. Although consumers and businesses have been showing resiliency amid inflation and higher interest rates, that doesn't mean this resilience will last forever.

The economy is still growing, but there may be trouble ahead. One indicator suggests that things haven't been this bad since the Great Recession. Let's see what this could mean for investors.

A report from the S&P covering the first two months of the year says that there have been 29 corporate defaults in 2024. The last time there were that many defaults at this stage of the year was in 2009, when there were 36. Some economists aren't surprised, however, noting that higher rates are putting more pressure on businesses with high debt loads.

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Source Fool.com