Dow, Nasdaq, S&P all falling as oil spikes briefly over $120 per barrel

Major US stock indices (Dow, Nasdaq, S&P) are declining as oil prices spike briefly above $120 per barrel. Global markets are experiencing significant selloffs, with Japan's Nikkei 225 dropping over 5% and European markets falling 2-3%.

• →All major US stock indices are falling amid market volatility.
• →Oil prices spiked briefly above $120 per barrel, contributing to market stress.
• →Japan's Nikkei 225 index plunged more than 5% in heavy selling.
• →European markets declined broadly with losses between 2% and 3%.
• →Global market selloff indicates widespread investor risk aversion.