New Delhi, March 2 -- Major Wall Street stock indices slumped sharply on Monday as investors braced for a protracted Middle East conflict. The downturn follows joint US-Israeli strikes on Iran that resulted in the death of its Supreme Leader, triggering a geopolitical crisis.

In retaliation, Tehran launched a barrage of missiles targeting Israel and American bases throughout the Gulf. This escalation threatens to paralyze global trade routes and reignite stifling inflationary pressures.

As of 9:35 a.m. Eastern Time, the S&P 500 fell 0.8%. The Dow Jones Industrial Average was down 1% and the Nasdaq Composite was 0.7% lower.

At the opening bell, the Dow Jones Industrial Average fell 183.5 points, or 0.37%, to 48,794.42. The S&P 500 fell ...