$AMD $AAPL $AMZN $TSLA May CPI was 5% Y/Y. If this is the worst of it, the market will be fine. I think the market shrugs it off. If you dig into the numbers, the main reason "inflation" was so high was due to energy/oil which was up 56% Y/Y. That rate of change will not last. As soon as base effects climb up, the rate of energy growth will tumble and CPI will come back to a normal level. I think the market will see through this and Inflation fears will largely dissipate. Growth stocks should get a lift out of this