The stress field around a rubber particle and a cavitated particle in a nylon/rubber blend has been studied using an analytical and a finite element approach. Attention was paid to the influence of the mechanical properties of the dispersed phase and the applied stress state. The results show that the choice of the bulk modulus of the elastomer is crucial. It appeared that especially with a triaxial stress, the Von Mises stress increased strongly upon cavitation (a more than five-fold increase close to the particle) while the hydrostatic stress only increased slightly. Also, the stresses in particles in the neighbourhood of a cavity have been calculated. Stresses in particles lying in or close to the equatorial plane of the cavity were higher than stresses in the other particles. Therefore, propagation of cavitation is most likely to occur perpendicular to the applied stress.