New York (CNN) — US stocks closed lower Thursday as concerns mounted about expensive tech stocks, and a risk-off sentiment spread through markets after new data showed a bleak outlook for the job market.

The Dow closed lower by 399 points, or 0.84%, after briefly falling as much 524 points earlier. The broader S&P 500 fell 1.12%. The tech-heavy Nasdaq Composite slid 1.9%.

A wide range of tech and AI stocks fell, continuing a recent patch of volatility amid concerns about elevated valuations and nerves about a bubble.

Chipmaker Advanced Micro Devices ( AMD ) slid 7.27%. Palantir ( PLTR ) fell 6.84%. Nvidia ( NVDA ) fell 3.65%.

Wall Street’s fear gauge, the VIX, jumped 9%. CNN’s Fear and Greed index hovered in between “extreme fear” and “fear.”

“Large cap tech stocks have been

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