Stocks fell Thursday after raising earlier in the session as market participants reacted to the latest batch of corporate earnings. The Dow Jones Industrial Average fell nearly 250 points, while the S&P 500 Index and Nasdaq Composite lost about 0.9% and 1%, respectively.

Here's how the market settled on Thursday:

S&P 500 Index (SPY  ): -0.88% or -36.36 points to 4,081.50

Dow Jones Industrial Average (DIA  ): -0.73% or -249.13 points to 33,699.88

Nasdaq Composite Index (QQQ  ): -1.02% or -120.94 points to 11,789.58

Taking center stage on Thursday, Disney (DIS  ) reported earnings and revenue for its fiscal first quarter that beat analyst expectations alongside a smaller-than-expected subscriber loss of 2.4 million across its streaming platforms. The entertainment giant also announced new restructuring plans, which included cutting 7,000 jobs and trimming $5.5 billion in costs.

In a statement, CEO Bob Iger said Disney is seeking to make a "significant transformation" across its business by reducing expenses and focusing on more creative content. "We believe the work we are doing to reshape our company around creativity, while reducing expenses, will lead to sustained growth and profitability for our streaming business, better postiting us to weather future disruption and global economic challenges, and deliver value for our shareholders," Iger said.

Elsewhere for earnings, PepsiCo (PEP  ) shares rose about 1% after the snack and beverage giant posted strong fourth-quarter earnings. Robinhood (HOOD  ) shares fell over 3% after the cryptocurrency trading platform reported disappointing fourth-quarter earnings. The company also canceled its plans to buy U.K-based crypto company Ziglu.

Mattel (MAT  ) shares fell over 10% after the toy company posted fourth-quarter earnings that came in well below expectations after holiday sales failed to attract more consumer spending as inflationary pressures weakened demand.

"Our fourth quarter results were below our expectations, as the macro-economic environment was more challenging than anticipated. While less than expected, POS grew in the quarter and the full year and we achieved growth in net sales in constant currency for the fourth consecutive year. The increase in consumer demand for our product speaks to the strength of our portfolio as a whole, even in a challenging environment. We believe we are well-positioned to continue executing our multi-year strategy to grow our IP-driven toy business and expand our entertainment offering," said CEO Ynon Kreiz in a statement.

Affirm (AFRM  ) shares tanked over 17% after the buy-now-pay-later loan provider announced plans to cut 19% of its workforce. The new came after the company reported disappointing fiscal second-quarter earnings.

In other stock news, JPMorgan Chase (JPM  ) is reportedly laying off hundreds of employees in its mortgage division as it makes a shift in its operations in response to elevated interest rates. The lender is planning to add 500 small-business positions in the next two years.

Tesla (TSLA  ) shares rose over 3% after the National Highway Traffic Safety Administration and National Transportation Safety Board concluded in an investigation there is no evidence that the company's advanced driver assistance system was involved in a fatal crash in 2021.

In economic news, initial unemployment filings rose to 196,000 from the week ended Feb. 4, according to the Labor Department's latest report on Thursday, above the 190,000 expected and and an increase of 13,000 from the previous week. Still, last week marks the fourth week in a row that jobless claims were under 200,000 after the most recent peak of 241,000 in November.

Looking ahead, investors will turn their attention to after-market earnings reports from companies like PayPal (PYPL  ), Lyft (LYFT  ) and Expedia (EXPE  ). Wall Street is also anticipating Tuesday's CPI report for January, which will provide more clues on how the Federal Reserve's hawkish monetary policy is impacting inflation.