Here are assets JPMorgan says are vulnerable to commodity-fueled inflation

The record surge in commodities has intensified investor angst that inflation could upend what has been a Goldilocks period for many markets.

Global stocks sold off for a second day Tuesday as a Bloomberg gauge of commodities soared to an all-time high, fanning fears of sustained price rises impacting corporate margins, end demand and monetary policies. Technology stocks and emerging-Asian markets are among those most at risk, while cyclical shares and the assets of energy-exporting nations are seen as possible havens, according to investors.

Fueled by an energy crisis and accompanied by rising bond yields, the commodity rally has also