U.S. stocks dropped on Friday as the ongoing Russia-Ukraine conflict continues to unnerve investors.
The Dow Jones Industrial Average fell 229.88 points, or 0.69%, to 32,944.19. The S&P 500 slid 55.21 points, or 1.30%, to 4,204.31. The Nasdaq Composite Index decreased 286.15 points, or 2.18%, to 12,843.81.
The U.S. government will revoke Russia's most-favored nation trade status amid the conflict, the White House said Friday, noting that it will work with Group of Seven (G7) countries and the European Union to roll out new sanctions.
President Volodymyr Zelenskiy said Ukraine had reached a strategic turning point in the conflict with Russia, but Russian forces bombarded cities across the country and appeared to be regrouping for a possible assault on the capital Kyiv.
U.S. equities have been under pressure recently as investors feared that geopolitical uncertainty and high commodity prices would cloud the outlook for inflation and global growth.
In U.S. economic reports, data from the University of Michigan consumer sentiment survey showed a fall to an initial March reading of 59.7 from February's level of 62.8.
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