Psalm 118:22
20 This is the Lord’s gate—the godly enter through it. 21 I will give you thanks, for you answered me, and have become my deliverer. 22 The stone that the builders discarded has become the cornerstone. 23 This is the Lord’s work. We consider it amazing! 24 This is the day the Lord has brought about. We will be happy and rejoice in it.
1 Peter 2:4
2 And yearn like newborn infants for pure, spiritual milk, so that by it you may grow up to salvation, 3 if you have experienced the Lord’s kindness. 4 So as you come to him, a living stone rejected by men but chosen and precious in God’s sight, 5 you yourselves, as living stones, are built up as a spiritual house to be a holy priesthood and to offer spiritual sacrifices that are acceptable to God through Jesus Christ. 6 For it says in scripture, “Look, I lay in Zion a stone, a chosen and precious cornerstone, and whoever believes in him will never be put to shame.”
Notes and References
"... Particularly interesting is the application of Psalm 118:22-23 first to Jesus and then seamlessly to the situation of believers in 1 Peter 2:4-8 ... The author has described Jesus in 1 Peter 2:4 as a “stone ... rejected by mortals yet chosen and precious in God’s sight,” a description combining echoes of Psalm 118:22-23 with Isaiah 28:16. This second passage, which is then explicitly quoted in 1 Peter 2:6, ends by promising that “whoever believes in him will not be put to shame.” The addressees of 1 Peter, currently being intentionally shamed by their neighbors (see above), are thus told that their trust in Jesus will result in their future vindication. Verse 7 makes this conclusion even more explicit: “Honor, then, is for you who believe,” just as honor came to the One who had been “rejected by mortals.” ..."
DeSilva, David A. Honor, Patronage, Kinship & Purity: Unlocking New Testament Culture (p. 54) InterVarsity Press, 2000