US equity indices fell from records on Wednesday amid fresh escalation to the war in the Middle East a THe S&P 500 closed 0.7% lower while the Nasdaq 100 fell 0.9% and the Dow dropped 619 points. The US and Iran exchanged strikes and GCC states were targeted, straining the ceasefire and prolonging the naval blockades that prevent energy from the region to be exported. Oil and fuel prices rose further, driving yields to rise across the curve. Expectations of a hawkish Federal Reserve were further validated by a strong ADP report and ISM Services PMI, with the price gauge rising to a near four-year high. Software majors were sharply lower with Oracle and Palantir dropping over 5% while Microsoft dropped 3%. Meanwhile, Blackstone and KKR sank 4% each to set the pace for asset managers. Broadcom sank 8% in afterhour trading after it missed quarterly revenue expectations and delivered a lower guidance than expected. Crowdstrike dropped 7% after posting their results.