US stocks drop to six-month low on angst over prolonged war
US stocks drop to six-month low on angst over prolonged war
The S&P 500 Index finished 1.5% lower in New York while the tech-heavy Nasdaq 100 declined 1.9%, dragged down by Nvidia Corp. and Micron Technology Inc. Both gauges were down more than 2% earlier in the session before paring losses.
The small-cap Russell 2000 Index retreated 2%, taking its decline from a January peak to more than 10% and entering correction territory. Brent crude oil prices climbed to $112, while the Cboe Volatility Index rose to about 27.
A series of reports that pointed to the escalation of the conflict in the Middle East drove equities lower. President Donald Trump told reporters at the White House he doesn’t want a ceasefire with Iran, further dashing hope for an early resolution in the war. Earlier Friday, CBS reported the US is preparing for the deployment of ground troops into Iran. As the war approaches the three-week mark, traders were closely watching whether the conflict will end in four weeks, the timeframe suggested initially by Trump.
Here in India also the nifty is very bearish
Support zone 22800-22900
Supply 23350-23450
Sector in focus banking
Stock on radar -