Inflation fears stung investors Wednesday. Stocks on Wall Street dropped sharply after the Labor Department reported that consumer prices jumped by the most in almost 12 years.

That data surprised economists and stoked investor worry that the Federal Reserve might raise interest rates earlier than anticipated.

Megacap tech stocks sporting big valuations are especially sensitive to rising rates, so Apple, Amazon, Microsoft and Alphabet were among the day’s top decliners.

But Gerber Kawasaki CEO Ross Gerber says higher inflation won’t stick around long.

“When you go from zero to something, you know, it’s this big pop. But when we look a year from now what will the inflation rate be? I suspect it will be much lower than the inflation over the last 12 months.”

The Dow and S&P 500 dropped roughly 2%. The broader index recorded its biggest one-day decline since February. The Nasdaq sank 2.7%

Bumble tumbled almost 7% during the regular session. But after the close, the online dating platform extended that loss after reporting quarterly revenue that edged past estimates.

Pfizer bucked the sell-off, gaining almost 1%. The U.S. Centers for Disease Control and Prevention authorized the COVID-19 vaccine developed by Pfizer with BioNTech for children aged 12 to 15.