The US markets ended lower on Thursday as tech-heavy Nasdaq witnessed heavy selling pressure and tumbled to its lowest closing level in over two months during the day. Tech stocks experienced a significant sell-off in past few sessions as traders were concerned about valuations and the impact of artificial intelligence. Besides, a report released by the Labor Department showed that first-time claims for U.S. unemployment benefits rose by much more than expected in the week ended January 31, 2026. The Labor Department said initial jobless claims climbed to 231,000, an increase of 22,000 from the previous week's unrevised level of 209,000. The street had expected jobless claims to inch up to 212,000. On the sectorial front, gold stocks moved sharply lower along with the price of the precious metal, resulting in a 6.3 percent nosedive by the NYSE Arca Gold Bugs Index. 

Nasdaq decreased 363.993 points or 1.59 percent to 22,540.586, Dow Jones Industrial Average declined 592.58 points or 1.2 percent to 48,908.72 and S&P 500 fell 84.32 points or 1.23 percent to 6,798.4.