Stocks fell on Thursday, with the S&P 500 snapping its eight-day winning streak, as Federal Reserve Chair Jerome Powell indicted that the central bank may need to issue tighter policies to tame inflation. The Dow Jones Industrial Average dropped over 200 points, while the S&P 500 and Nasdaq Composite lost 0.8% and 0.9%, respectively.

Here's how the market settled on Thursday:

S&P 500 Index (SPY  ): -0.81% or -35.43 points to 4,347.35

Dow Jones Industrial Average (DIA  ): -0.65% or -220.33 points to 33,891.94

Nasdaq Composite Index (QQQ  ): -0.94% or -128.97 points to 13,521.45

In remarks at an International Monetary Fund event on Thursday, Powell said that inflation still remains "well above" levels the Fed would be comfortable with, despite recent economic data being an encouraging sign for central bankers.

"The Federal Open Market Committee is committed to achieving a stance of monetary policy that is sufficiently restrictive to bring inflation down to 2 percent over time; we are not confident that we have achieved such a stance," Powell said in prepared remarks for an International Monetary Fund event.

Separately, Fed Governor Michelle Bowman said Thursday that she expects policymakers to raise interest rates again.

"There is an unusually high level of uncertainty regarding the economy and my own economic outlook, especially considering recent surprises in the data, data revisions, and ongoing geopolitical risks," Bowman said in prepared remarks in Florida. "Currently, the federal funds rate appears to be restrictive, and financial conditions have tightened since September."

On the earnings front, Disney (DIS  ) shares rose Thursday after the entertainment giant reported stronger-than-expected fiscal fourth-quarter earnings. The stock's sentiment was also boosted by announced plans to increase its cost-cutting efforts by an additional $2 billion to a total of $7.5 billion. Moreover, Disney said it added 7 million new Disney+ subscribers quarter-to-quarter, bringing its total subscribers to 150.2 million.

"As we look forward, there are four key building opportunities that will be central to our success: achieving significant and sustained profitability in our streaming business, building ESPN into the preeminent digital sports platform, improving the output and economics of our film studios, and turbocharging growth in our parks and experiences business," CEO Bob Iger said in a statement Wednesday.

Arm Holdings (ARM  ) shares came under pressure after the semiconductor technology company issued its first earnings report since its initial public offering in September -- even as its revenue topped Wall Street estimates at $800 million. For its fiscal third quarter, the company expects revenue to range between $720 million and $800 million, coming in-line with expectations.

In economic news, initial unemployment claims ticked slightly lower on Thursday, according to the Labor Department, totaling 217,000 for the week ended Nov. 4. Continuing claims, which lag a week behind, totaled 1.834 million -- increasing 22,000 from the previous week and coming in slightly above expectations.

In single-stock news, AMC Entertainment (AMC  ) shares fell after the theater chain announced new plans to sell up to $350 million worth of shares, its second such offering since it sold 40 million shares in September to gross proceeds of about $325.5 million. AMC said it had about $730 million in cash on hand at the end of the third quarter.

For Friday, market participants will assess November's preliminary consumer sentiment reading as investors look ahead towards next week's consumer price index reading due out Tuesday.