US Market extends losses

At the close of trade, the Dow Jones Industrial Average index fell 249.13 points, or 0.73%, to 33,699.88. The S&P500 index was down 36.36 points, or 0.88%, to 4,081.50. The tech-heavy Nasdaq Composite Index decreased by 120.94 points, or 1.02%, to 11,789.58.

All 11 sectors ended lower along with the S&P500 Index. Communication services was bottom performing sector, falling 2.8% followed by materials (down 1.41%), utilities (down 1.41%), and financials (down 1.23%) sectors.

Among individual stocks, Alphabet shares slumped again on Thursday, building on a big decline from Wednesday's session as investors grew concerned around rising competition in the artificial intelligence space.

The Google parent unveiled a batch of new AI-powered features for its Search, Maps, and Lens apps.

Affirm shares sank 17% after the company announced a 19% reduction of its staff. The move comes as the buy-now-pay-later company posted a wider-than-expected quarterly loss per share.

GlobalFoundries shares popped more than 3% after the semiconductor manufacturer signed a deal with General Motors for exclusive production capacity of U. S.-made chips.

ECONOMIC NEWS: The Labor Department said initial jobless claims rose to 196,000, an increase of 13,000 from the previous week's unrevised level of 183,000.

Among Indian ADR, ICICI Bank fell 0.67% to $20.70, INFOSYS was up 0.94% at $19.34, WNS Holdings fell 0.21% to $87.39, Dr Reddy's labs fell 1.07% to $54.37, and HDFC Bank shed 0.31% at $67.65. Azure Power Global fell 10% to $3.51. Wipro was down 0.2% at $4.89.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)