The Dow Jones Industrial subsided 180.4 points, to 33,105.85.
The S&P 500 dropped 32.92 points, or 2.6%, to 4,244.96.
The NASDAQ Composite faltered 184.07 points, or 1.4%, to 13,071.48, dragged down by losses in Apple and Meta Platforms.
Negotiations between Russian and Ukrainian foreign ministers ended with little progress on matters including a cease-fire or a safe passage for civilians trying to flee the besieged city of Mariupol.
Energy stocks Chevron improved 2.3% and Exxon Mobil rose 1.2%.
Other commodities that have seen significant rallies since the war in Ukraine, that pulled back Wednesday, where higher again on Thursday. Silver, palladium and wheat rose. Investors have been worried about the impact of high prices on economic growth.
Elsewhere in markets, Amazon shares jumped 4% after the company announced a 20-for-one stock split and $10 billion buyback.
CrowdStrike rallied 9% following an earnings beat and raising its outlook.
Goldman Sachs ticked 2% lower after announcing it is shuttering its Russia business, becoming one of the first major global investment banks to do so after the country invaded its neighbor Ukraine last month.
The consumer price index, a key inflation gauge, showed a wide-ranging basket of goods and services increased 7.9% in February, a fresh 40-year high. This was a touch higher than the estimate of 7.8% for the year, according to economists surveyed by Dow Jones.
On a month-over-month basis, the CPI gain was 0.8%, compared to the estimate of 0.7% for the month.
Treasury prices faded, raising yields to 2% from Wednesday’s 1.95%. Treasury prices and yields move in opposite directions.
Oil prices resumed their climb $2.16 to $110.86 U.S. a barrel.
Gold prices picked up $15.50 to $2,003.70 U.S. an ounce.