The S&P 500 fell 0.6% and was on track for its first loss this week. The Dow was down 380 points, or 0.8%, as of 12:55 pm ET.

The moves come after the S&P 500 notched its third losing week in a row and closed at its lowest level of the year on Friday.

The S&P 500 fell 0.6% and was on track for its first loss this week. The Dow was down 380 points, or 0.8%, as of 12:55 pm ET.

Wall Street is coming off a dismal trading session as inflation fears took hold.

The morning began with the shock of Brent crude, the international standard, briefly rising above $119 per barrel, up from roughly $70 before the war with Iran began.

The major averages posted back-to-back losses on Thursday, placing the S&P 500 on track for a fourth consecutive losing week.

U.S. stocks fell for a fourth week in a row, with the Nasdaq and Dow falling near correction territory. More Mideast fighting sent oil prices up again.

Another climb for oil prices shook stock markets, as hopes collapsed for a possible cut to interest rates this year by the Federal Reserve.