Urgent: Dow Jones loses 500 points following Netanyahu's announcement to target Iranian nuclear facilities

Israeli Prime Minister Benjamin Netanyahu announced the targeting of the Iranian Natanz nuclear facility early Friday morning with airstrikes.

Israeli Defense Minister Katz announced a special situation following the preemptive strikes carried out by Israel early today on Iran.

U.S. futures are experiencing declines with Dow futures dropping by 590 points. S&P 500 futures fall by 1.70% while Nasdaq futures drop by 400 points.

Videos circulating on social media show explosions in eastern Tehran and parts of the wider Middle East region. The sounds of aircraft and air defense missiles can be heard in northern Tehran, according to NBC News reports.

The Defense Minister stated: "In the wake of the preemptive strike carried out by the State of Israel against Iran, an attack with missiles and drones against the State of Israel and its civilian population is expected in the near future."

"Therefore, in accordance with his authority under the Civil Defense Law, Israeli Defense Minister Katz has now signed a special order to impose a special state of emergency on the home front throughout the State of Israel."

Israel has closed its airspace and rerouted flights to other countries.

Asian stocks are sharply declining amid escalating regional tensions.