U.S. stocks declined Thursday after a second jobs report in as many days showed a still-strong labor market, indicating inflation remains stubbornly high.

The Dow Jones Industrial Average fell 340.05 points, or 1.02%, to close at 32,929.72. The S&P 500 dropped 44.94 points, or 1.17%, to close at 3,808.03, and the Nasdaq Composite Index declined 153.52 points, or 1.47%, to close at 10,305.24.

Crypto exchange Coinbase was one of the Nasdaq's biggest losers Thursday. Coinbase's share price plunged after analysts downgraded its outlook for the year. New York regulators on Wednesday fined the exchange $50 million for shoddy anti-money laundering practices. Coinbase also agreed to spend another $50 million to beef up its compliance operations.

Shares of Coinbase (COIN) fell $4.17 a share, or 11.06%, to close at $33.53.

More broadly, U.S. stocks fell across the board after payroll processing firm ADP reported that companies added more workers in December than expected. On Wednesday, the Job Openings and Labor Turnover report, or JOLTS, showed 10.5 million job vacancies in November, slightly more than forecast.

The New Year has started with investor uncertainty over inflation and whether the Federal Reserve's aggressive rate hikes in response will push the economy into recession.

Inflation and economic growth have shown some signs of slowing, but not enough for the Fed to stop raising rates.

In minutes released Wednesday, Fed officials signaled more rate hikes were likely in 2023.

Some stocks that fell Thursday included Apple (AAPL), which closed at $125.02, down $1.34, or 1.06%. Amazon (AMZN) shares fell 2.37%, or $2.02 a share, to close at $83.12.

"Unless there is a shock from left field, we should see growth continue to be soft, inflation should decline and at some point, central banks are going to stop raising interest rates," Charles Diebel of Mediolanum International Funds told The Wall Street Journal. "This year is all about when, not if."