On Friday, U.S. stocks nosedived in response to more heightened inflation data in May. It went against Wall Street anticipation that inflation should already have peaked. Consumer prices in the U.S. continued to surge at their fastest pace in four decades with annual inflation for May rising to 8.6 percent. All three major U.S. stock benchmarks closed sharply lower. Investors worry that soaring inflation could prompt the Fed to take more aggressive moves to slow down the economy, without thrusting it into a recession.