Stocks dropped more than 3% on Thursday — the market's worst drop since June — while the Nasdaq fell 4.5%.
The big picture: The indices are still hovering near their highest levels ever — the S&P 500 is still higher than it was at any time before the pandemic — but the pullback is being led by a drop in the technology stocks which led the advance to record highs.
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The United Nations warned Friday that ongoing fighting between Israel and Hamas "has the potential to unleash an uncontainable security and humanitarian crisis," in not only the occupied Palestinian territories and Israel, but "the region as a whole."
The big picture: More than 125 Palestinians, including 31 children have been killed in Gaza since fighting began Monday, per the Palestinian Ministry of Health. Seven people, including one child, have been killed in Israel, according to Israeli authorities.
More than 10,000 Palestinians in Gaza have fled their homes since the fighting began, the UN humanitarian coordinator in the region said Friday, adding that those displaced are "sheltering in schools, mosques and other places during a global COVID-19 pandemic with limited access to water, food, hygiene, and health services."
The current escalation began this week after violence in Jerusalem that injured hundreds of Palestinians and several Israeli police offices during protests over the planned evictions of six Palestinian families to make way for Jewish settlers in East Jerusalem.
What they're saying: "The Secretary-General appeals to all parties to immediately cease the fighting in Gaza and Israel," Stephane Dujarric, spokesperson for UN Secretary-General António Guterres, said in a statement Friday.
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