The Dow Jones Industrial Average slid 321.41 points, or 0.94 percent, to 33,815.90. The S&P 500 fell 38.44 points, or 0.92 percent, to 4,134.98. The Nasdaq Composite Index dropped 131.81 points, or 0.94 percent, to 13,818.41.
All the 11 primary S&P 500 sectors pulled back, with materials and energy down 1.75 percent and 1.41 percent, respectively, leading the losses.
U.S.-listed Chinese companies traded mostly higher with six of the top 10 stocks by weight in the S&P U.S. Listed China 50 index ending the day on an upbeat note.
On the economic front, U.S. initial jobless claims, a rough way to measure layoffs, registered 547,000 in the week ending April 17, a decrease of 39,000 from the previous week's revised level, the Department of Labor reported on Thursday. Economists surveyed by the Wall Street Journal had estimated 603,000 new claims.
The reading also marks the lowest level for initial claims since March 14, 2020, said the report.
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