U.S. equities extended their recent weakness last week, with all three major indices posting a fourth consecutive weekly decline amid heightened geopolitical tensions and renewed inflation concerns.

U.S. equities moved lower again last week as investors contended with a difficult mix of geopolitical risk, tighter financial conditions, and softer economic data. For the week, the S&P 500 fell 1.6%, the Dow Jones Industrial Average dropped 2.0%, the Nasdaq Composite lost 1.3%, and the Russell 2000 declined 1.8%.

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Geopolitics returned to the forefront over the weekend as the U.S. and Israel launched joint strikes on Iran, killing Iran's Supreme Leader Ali Khamenei and a number of military leaders.

Over the past several days, markets have been digesting the impact of coordinated military action by Israel and the United States against Iran, along with the possibility that operations could continue for some time.