U.S. equity markets extended their recent drawdown last week as geopolitical risk and inflation concerns continued to weigh on sentiment. The S&P 500 fell roughly 2%, the Dow declined just under 1%, and the Nasdaq Composite dropped more than 3%, officially pushing the technology heavy index into correction territory.

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.