Stocks drop sharply as market eyes Fed, Ukraine tensions

Stocks fell sharply as investors anticipate inflation-fighting measures from the Federal Reserve and fretted over the possibility of conflict between Russia and Ukraine.

The stock market extended its three-week decline and put the benchmark S&P 500 on track to a so-called correction — a drop of 10% or more from its most recent high. The price of oil and bitcoin fell, and so did the yield on 10-year Treasury notes, a sign of investor concern about the economy.

Stocks have fallen steadily so far this year as the Fed has signaled its readiness to begin raising its...