High inflation is usual considered good for the stock market. However, the current 6% is very high, so the market is expecting and built in some adjustment. The main drag on some shares is the COVID and Travel issues.
https://tradingeconomics.com/united-states/inflation-cpi#:~:text=Inflation%20Rate%20in%20the%20United,percent%20in%20June%20of%201921.
