U.S. stocks closed lower on Thursday, dragged down by a slump in energy shares as oil prices retreated. A stronger dollar and concerns about global growth also weighed on investor sentiment.

Energy Sector Takes a Hit

The energy sector was the biggest loser, with companies like ExxonMobil and Chevron seeing significant declines. The drop in oil prices was triggered by concerns about oversupply and weaker demand.

Economic Data Disappoints

Adding to the negative sentiment were disappointing economic data releases. Initial jobless claims rose more than expected, suggesting a potential slowdown in the labor market. Manufacturing data also came in below expectations.

Key Takeaways

• Energy stocks led the market decline.
• Oil prices fell due to oversupply concerns.
• Economic data disappointed investors.

Looking Ahead

Investors will be closely monitoring upcoming economic releases, including GDP data and inflation figures, for further clues about the health of the U.S. economy. Any signs of weakness could further dampen market sentiment.