U.S. equities tumbled to their lowest levels in nearly seven months on Friday as the Nasdaq 100, heavily weighted toward tech stocks, officially entered correction territory. Investors, it appears, remain chilled by Iran’s pushback against ceasefire options and a fresh escalation of geopolitical tensions.

Iran reiterated that the Strait of Hormuz remains closed and that ships will face consequences, while also warning of potential strikes on steel plants in the Gulf and Israel, a sharp rejection of the diplomatic 10-day window President Donald Trump announced late Thursday.

WTI crude surged 3.9% to $98.18 per barrel and Brent crude climbed 3.3% to $111.61, extending its monthly gain to more than 42%.

The S&P 500 fell 0.9% to 6,417, while the Dow Jones Industrial Average declined 465 points, or 1%, to 45,495. The Nasdaq 100 also dropped 1% to 23,342, now down more than 10% from its January highs, officially entering correction levels.

The small-cap Russell 2000 shed 1.1% to 2,466.

Within Magnificent Seven stocks, Meta Platforms Inc. (NASDAQ:META) extended its steep three-day rout, falling an additional 3.4%, bringing its cumulative loss since Wednesday’s close to 10%, as markets continued to process mass layoffs and a court ruling labeling its platforms addictive to minors.

Month-to-date the social media giant has dropped nearly 20%, on pace for its worst month since October 2022.

The macro data reinforced stagflationary concerns. The final University of Michigan Consumer Sentiment reading for March tumbled to 53.3, near record lows and below the ...