Inflation Surge Pressures Markets and Extends Tech Sell-off, What Cathie Wood Is Saying As the ARK Innovation ETF Continues to Slide, The Pipeline Hack Effect and Long Gasoline Lines, Bullard Defends the Fed After Druckenmiller's Criticism, and Tesla Ch Squawk on the Street

Carl Quintanilla, Jim Cramer and David Faber led off the show by discussing new inflation data’s impact on the markets: The Consumer Price Index up 4.2-percent from year-ago levels -- the fastest pace in 12 years. That news adding to this week's tech sell-off and impacting names from Apple to Tesla. Recent weakness continues for Cathie Wood's ARK Innovation ETF, which is now down more than a third from its February highs. The anchors explored what's next for the "Wood-Stocks" in that ETF -- and reacted to comments about inflation and growth stocks that Wood made at her firm's webinar. They also took a closer look at the impact from the Colonial Pipeline hack, resulting in gasoline shortages across the Southeast and long lines at gas pumps. Carl, Jim and David reacted to comments from Energy Secretary Jennifer Granholm, who said there’s no need for people to hoard gasoline because Colonial has said it is hoping for full restoration by the weekend. Also in focus: St. Louis Fed President James Bullard responds to billionaire investor Stanley Druckenmiller's criticism of the policymakers' approach to an economic rebound, the outlook for auto stocks such as Ford amid the global chip shortage, and sales of Tesla's made-in-China vehicles slumping 27% in April from March.