Global Markets Plunge: Asian Indices Down 5-6%, S&P 500 Breaks 200-Day Moving Average on Iran Escalation
Global stock markets experienced sharp declines on March 23 as US-Iran tensions escalated. Japan's Nikkei 225 fell 4.8-5%, South Korea's KOSPI dropped 5.6-6%, Australia's ASX declined 2.4%, UK's FTSE 100 fell 1.44%, and India's Sensex plunged over 1,482 points. The S&P 500 fell 1.5% to 6,506, breaking below its 200-day moving average for the first time since May 2025. Oil remained elevated (Brent at $112, WTI at $97.64) but equity selloffs reflected pure risk-off sentiment rather than just energy pricing. Fed Chair Powell flagged uncertainty about economic impact.