Big Tech pivoted lower on Thursday -- dragging all three major benchmarks with it -- as optimism in the tech sector faded in the wake of Meta Platforms' (FB) alarming earnings report. The Dow shaved off 518 points and was joined by both the S&P 500 and Nasdaq in snapping four-day win streaks. Meanwhile, the Cboe Volatility Index (VIX) registered a second-straight gain and best day in nearly two weeks.

In other news, U.S. jobless claims for last week came in slightly below estimates. Wall Street now looks ahead to tomorrow's nonfarm payrolls data, with the 10-year Treasury yield rising in response.

The Dow Jones Average (DJI - 35,111.16) shaved off 518.2 points, or 0.5% for the day. UnitedHealth Group (UNH) led the five gainers today with a 1.9% pop, while Honeywell International (HON) paced the laggards with a 7.6% drop.

The S&P 500 Index (SPX - 4,477.38) shed 112 points, or 2.4%, while the Nasdaq Composite (IXIC - 13,878.82) dropped 538.7 points, or 3.7%, for today's session.

Lastly, the Cboe Volatility Index (VIX - 24.35) added 2.3 points or 10.2% for the day.

WINTER STORMS PUSH OIL TO MORE 7-YEAR HIGHS

Oil prices were higher on Thursday to notch yet another multi-year high. Fears around global supply risks, as winter storms across the U.S. threaten to impact production and increase demand, boosted black gold. March-dated oil rose $2.01, or 2.3%, to settle at $90.27 per barrel, their first time above $90 since 2014. 

Meanwhile, gold prices snapped their three-day win streak. The yellow metal managed to stay above the psychologically significant $1,800 level, however, as traders waited for Friday's jobs report.April-dated gold dropped $6.20, or 0.3%, to close at $1,804.10 per ounce.