Russia tensions, interest rates push stocks toward correction territory

Stocks continue to struggle in the face of higher interest rates, climbing oil prices and the risks that Europe's largest land war since 1945 is about to start.

Driving the news: The S&P 500 closed at its second-lowest level this year on Friday, after falling 0.7%.

• The broad market index is down 3.7% in February, and 8.8% in 2022.
• Stocks are down 9.3% since their Jan. 3 record high, putting them within spitting distance of the 10% loss that defines a market "correction."

What to watch: This week may get off to a volatile start — equity futures are weaker this morning as investors digest the escalating Russia-Ukraine tensions.

Go deeper: What a Russian invasion of Ukraine would mean for the global economy