US Stocks Sink; Nasdaq 100 and Dow Industrials Enter Correction

The selloff in US stocks accelerated on Friday, as traders fled equities on fears that a surge in oil prices sparked by the escalating Iran war will cripple the global economy.

The S&P 500 finished 1.7% lower in New York, capping its fifth straight weekly drop — the longest such streak since 2022. The retreat pushed the US benchmark to its lowest in more than seven months. The tech-heavy Nasdaq 100 Index slid 1.9%, bringing its decline from its October peak to more than 10%, and entered what’s commonly defined as a correction. The Dow Jones Industrial Average also landed in correction territory as it tumbled 1.7%.