With the stock market near all-time highs while an impending resource shortage looms, is it possible that the market is ‘pricing in’ severe inflation?

I wanted to ask r/investing this question because the stock market is forward-looking and it’s hitting near all-time highs, and at the same time it’s probable that there will be resource shortages in the near future.

Alternatively, what would the stock market look like if it were pricing in severe inflation?

Thank you!