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The stock market plunged again on Wednesday—with the S&P 500 falling deeper into correction territory—after the Pentagon warned a full-scale Russian invasion of Ukraine could happen imminently and Ukraine declared a state of emergency.


The Dow Jones Industrial Average was down 1.4%, nearly 500 points, while the S&P 500 lost 1.8% and the tech-heavy Nasdaq Composite lost 2.6%.

The benchmark S&P 500 index fell for the fourth session in a row and is now firmly in correction territory, more than 10% below its record highs earlier this year.

Markets took a hit yet again amid rising geopolitical tensions, as more Western countries geared up sanctions against Russia and Ukraine declared a state of emergency early Wednesday morning.

The Biden Administration further warned that Russia has placed 80% of its troops encircling Ukraine in forward positions, with a full-scale invasion of the country likely to take place imminently, according to US officials.

Stocks broadly fell on the news, with shares of airlines, cruise lines and retailers all leading declines: Delta Air Lines lost nearly 4%, while Macy’s fell 5%.

Shares of tech stocks, which have been under pressure as bond yields spike amid concerns about the Federal Reserve’s tightening monetary policy, also tanked on Wednesday, with the likes of Amazon and Tesla falling over 3% and 7%, respectively.