I'm a little sceptical of attributing stock market price changes to a single, simple thing. Do we really know that a single factor does this? The many stocks on the many markets would seem to be so different in every aspect as to preclude a single cause for any market drop.
The market (S&P 500 futures) dropped 2.5% in one minute this morning. That minute was 8:30 eastern time, which is the exact time that the CPI numbers were released. In this case, the selling is directly attributable to the CPI data released this morning.
I agree that the news headline narrative for market gains/sell offs aren’t always necessarily related, but today it definitely was.