The Nasdaq Composite slumped 2.2 per cent in New York, as hopes for a near-term ceasefire between the US and Iran faded. Oil topped $US114 a barrel late after Iran said Israel bombed two steel plants, a power plant and nuclear sites, and Yemen’s Houthis said they are ready to fight.
Both the Nasdaq and Dow Jones Industrial Average closed in correction territory – each index is now 10 per cent lower than their respective recent peaks. Volatility spiked higher.