Global stocks tumbled and the S&P 500 closed in bear market territory Monday amid growing concerns about inflation.

The S&P 500 closed down 151 points, or 3.88%, meaning it’s down 21.3% since its high on Jan. 3.

The Dow was down 876 points (2.79%) and the Nasdaq dropped 530 points (4.68%).

Investors sold off shares in Asia, Europe, and the U.S.

U.S. consumer prices surged 8.6% year-over-year in May, to a fresh 40-year high, led by higher prices for energy, food, and housing.

For the first time in history, a gallon of regular gas now costs $5 on average nationwide, according to AAA, and experts predict gas prices could average $6 a gallon by August.

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Edited by Jesus Chan

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