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The Dow Jones Industrial Average drops 464 points as Ukraine declares a state of emergency and the US warns of an imminent attack.

• Following the S&P 500's pullback, all three main indices fell on Wednesday, extending losses.
• The United States has warned that Russia is on the verge of launching an attack, while Ukraine has declared a state of emergency.
• The European Union has imposed additional restrictions on Russian politicians and elites.

As tensions between Russia and Ukraine continued to grow, major US indices fell to extend losses a day after the S&P 500 entered correction territory. The United States has warned that Russia is about to launch an attack.

Ukraine has declared a state of emergency and ordered its residents to flee Russia as quickly as possible. Kyiv has called on reserve troops aged 18 to 60 to serve as it prepares for a Russian invasion.

The European Union has imposed additional sanctions on Russian politicians and elites, naming dozens of "high-profile persons" as targets.

Here's where US indexes stood as the market closed at 4 p.m. on Wednesday:

• S&P 500: 4,225.60, down 1.84% 

• Dow Jones Industrial Average: 33,131.96, down 1.38% (464.65 points)

• Nasdaq Composite: 13,037.49, down 2.57% 

The recent stock market slump, according to JPMorgan's Marko Kolanovic, does not confirm "end-of-cycle" concerns, as a comeback in risk assets is still conceivable.

"The start of policy tightening is usually a validation that the cycle has legs, rather than a signal that the cycle is coming to an end," Kolanovic explained.

Meanwhile, the bank's senior US equity strategist stated that energy stocks are the "highest conviction" sector this year, as well as a good buffer against inflation and geopolitical risk.

In other news, FTX hired a new beauty entrepreneur as part of its expansion into the $300 billion luxury goods sector, and the Shiba Inu Metaverse revealed plans to sell 35,000 virtual land parcels.

Virgin Galactic's stock rose as much as 12% after the business revealed lower-than-expected losses, though it later erased most of those gains to settle roughly 3% higher.

Oil prices remained largely unchanged. The price of West Texas Intermediate crude fell to around $91.89 per barrel. Brent crude, the international standard for oil, was now priced at $96.68 per barrel.

The price of gold increased by 0.14 percent to $1,910.10 per ounce. The yield on the 10-year Treasury note increased to 1.98 percent.

Bitcoin is now trading at $37,535.90, down 0.22 percent.