As the conflict involving Iran continues to escalate, Brent crude oil closed above $100 per barrel again, leading to declines across major U.S. stock indices, with technology stocks suffering significant losses.

The S&P 500 fell 0.6%, marking its third consecutive weekly decline, the longest such streak in a year. The index is now just 28 points away from its 200-day moving average, a level many investors view as a potential bottom.

The index tracking the seven major U.S. technology giants dropped 1.6%, entering correction territory after falling 10% from its October peak. Growing concerns over persistent Middle East tensions, coupled with ongoing worries about artificial intelligence-related trades, prompted investors to pull back from higher-risk segments of the market.

The technology-heavy Nasdaq 100 Index declined 0.6%, also notching its third straight weekly loss. Ongoing U.S. military action against Iran continues to cause severe supply disruptions in the crude oil market.

Fears that the conflict could drive up gasoline prices contributed to a drop in U.S. consumer confidence to a three-month low. A report released earlier on Friday showed U.S. consumer spending barely grew in January, and economic growth from the end of last year was revised downward, indicating that economic momentum had already been weakening even before the conflict.

Market attention is now turning to next week's Federal Reserve meeting, where officials are expected to hold interest rates steady. "We expect the Fed to emphasize uncertainty on both sides of its dual mandate," said Jeffrey Roach of LPL Financial. "The conflict will impact inflation, while labor market disruptions will affect the unemployment rate."

According to Bank of America strategist Michael Hartnett, surging oil prices and heightened market anxiety over private credit are causing market behavior to increasingly resemble the period leading up to the global financial crisis.

At the close of trading, the S&P 500 was down 0.6% at 6,632.19 points; the Dow Jones Industrial Average fell 0.3% to 46,558.47 points; the Nasdaq Composite Index dropped 0.9% to 22,105.36 points; the Nasdaq 100 Index declined 0.6% to 24,380.73 points; and the Russell 2000 Index decreased 0.4% to 2,480.051 points.