The S&P 500 dropped 1.5%, the Nasdaq 100 plunged 1.8% to six-month lows while the Dow Jones lost 0.8% to four-month lows on Friday amid escalating Middle East conflict and surging energy prices. This downturn drove the major averages into correction territory as West Texas Intermediate futures climbed further following reports that Iraq declared force majeure on all oilfields. Sentiment soured further as the Pentagon prepared to deploy additional Marines to the region while the Federal Reserve maintained interest rates between 3.50% and 3.75% earlier this week. Micron Technology fell 4.8% while Supermicro tumbled 33.3% as it faced ongoing pressure following chip smuggling charges against its CEO. Conversely, FedEx added 1% on strong guidance and energy majors like Exxon Mobil was 1% higher amid the crude spike.

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