Nasdaq dives over 3%, S&P 500 on course to confirm a correction

US stock indexes dropped on Monday, with the S&P 500 on course to confirm a correction as the prospect of a Russian attack on Ukraine posed as a double whammy for investors already worried about aggressive policy tightening by the Federal Reserve.

A correction is confirmed when an index closes 10% or more lower than its record closing level. The S&P 500 index is now down 10.9% from its record closing high on Jan 3.

All the 11 major S&P sectors declined in early trading, with nine of them falling more than 2% each.

The economically sensitive small-cap Russell