I don’t mean to be insulting but every segment of your question is inaccurate. Stagnation is a state of not having directional movement.
Additionally, Inflation went down on a specific date? That’s not how inflation or deflation works.
Here’s the answer you need: stocks are currently in a downtrend that started when it became clear that interest rates would begin to rise to fight rising prices. The worst is probably ahead of us as companies begin to reduce earnings guidance, which will lead to more price declines.