S&P 500 enters correction as Russia-Ukraine crisis escalates

The stock market continues to suffer in the face of inflation, higher interest rates — and now, Russia's invasion of Ukraine.

Driving the news: The S&P 500 touched a milestone on Tuesday, closing in "correction" territory.

Why it matters: A correction indicates a fairly serious stock market sell-off of 10% or more from a recent high.

• This is the first 10% tumble for the benchmark U.S. stock index since stocks plunged nearly 34% in the early days of the pandemic.

Yes, but: Don't freak. On average, the market typically has one correction a year, according to Ned Davis Research.

What's next: The markets will be sensitive to signs that a worsening sell-off could make the Federal Reserve think twice about its rate hike plans when it meets next month.