The tech-heavy Nasdaq closed down 1.6 percent, and both the broad S&P 500 and the Dow Jones industrial average fell 1.2 percent.
Several of the major technology giants landed in the red. Microsoft, for example, fell 5.0 percent, while chip giant Nvidia fell 1.4 percent.
Semiconductor manufacturer Qualcomm also fell sharply, down 8.5 percent, after the report.
U.S. telehealth company Hims & Hers initially surged after it became clear that it would start selling cheaper copies of Danish drugmaker Novo Nordisk's new diet pills, but by the close it had fallen 3.8 percent.
Bitcoin also continued to fall on Thursday, dropping below $63,000 per bitcoin. This compares to the historic peak in October last year of $126,198 per bitcoin.
The price of silver on the commodities market continues to decline steeply. The precious metal was trading at around $73 per ounce at the close of U.S. trading, down over 17 percent.
Gold was also under pressure in Thursday's trading, down just over 3 percent to around $4,800 per ounce.
