(Bloomberg) -- Technology shares led U.S. stocks lower as surging commodity prices stoked concern about whether inflation will derail a growth rebound in the world’s largest economy and spoil a record stock rally.The tech-heavy Nasdaq 100 Index tumbled 2.6% amid the growing anxiety over inflation, which can threaten longer-horizon revenues typical of the sector. Tesla and Apple were among the biggest decliners. The ARK Innovation ETF resumed its slide. The Dow Jones Industrial Average briefly topped 35,000 for the first time. The benchmark S&P 500 fell from an all-time high. Treasury yields edged higher as traders brace for a busy week of auctions.“Amid these new highs remember that the market doesn’t move only in one direction,” said Chris Larkin, managing director of trading and investing product at E*Trade Financial. “While a full economic recovery may already be priced into the market, the weak employment data could have temporarily eased worries about too-hot inflation and the necessity of interest rate hikes to combat it.” Copper jumped to a record while iron ore futures surged more than 10%, adding to concern about inflation. West Texas Intermediate fluctuated after a cyberattack forced the closure of a key U.S. pipeline, which operators hope to reopen by the end of the week.Meanwhile, the pound climbed to its highest level since February after U.K. elections denied Scotland’s main independence party an outright majority and strengthened the grip of the Conservatives.The run-up in raw materials is intensifying debate ahead of a U.S. CPI report Wednesday that is forecast to show price pressures increased in April. The data will be closely watched by policy makers at the Federal Reserve trying to gauge the speed of the recovery after job growth significantly undershot forecasts.“People have been gravitating to value -- now you can find growth outside of tech,” said Keith Lerner, chief market strategist at Truist Advisory Services. “As inflation expectations continue to move higher, that’s more beneficial for the value side of the trade.”Read more: Inflation Debate Hits Emerging Markets as Pimco Stands Firm The MLIV Question of the Day: How Could Highest CPI in Decade Hit Assets?Here are some key events to watch this week:A range of Fed speakers are due this week, including Governor Lael Brainard on Tuesday, among othersChinese inflation data are due TuesdayOPEC monthly Oil Market Report is published with global demand forecasts and production estimates TuesdayU.S. CPI report Wednesday is forecast to show prices continued to increase in AprilBank of England Governor Andrew Bailey speaks WednesdayThese are some of the main moves in markets:StocksThe S&P 500 fell 1%, more than any closing loss since March 18 as of 4:01 p.m. New York timeThe Nasdaq 100 fell 2.6%, more than any closing loss since March 18The Dow Jones Industrial Average fell 0.1%, more than any closing loss since April 30The MSCI World index fell 0.6%, more than any closing loss since May 4CurrenciesThe Bloomberg Dollar Spot Index fell 0%, falling for the fourth straight day, the longest losing streak since April 19The euro fell 0.2% to $1.2142The British pound surged 1.1%, more than any closing gain since April 19The Japanese yen fell 0.1% to 108.76 per dollarBondsThe yield on 10-year Treasuries advanced two basis points, more than any closing gain since April 29Germany’s 10-year yield advanced zero basis points, climbing for the fourth straight day, the longest winning streak since April 29Britain’s 10-year yield advanced one basis point to 0.79%CommoditiesWest Texas Intermediate crude fell 0.1% to $65 a barrelGold futures rose 0.4%, climbing for the fourth straight day, the longest winning streak since Feb. 10For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.