US stocks are plunging after a surprisingly weak labour report showing a sharp deceleration in job creation in March.
In the first 45 minutes of Friday trade, the Dow Jones Industrial Average dropped 154.50 points (1.06 per cent) to 14,451.61.
The broad-based S&P 500 tumbled 18.32 (1.17 per cent) to 1,541.66, while the tech-rich Nasdaq Composite Index shed 48.55 (1.51 per cent) to 3,176.43.
The Labor Department says the US added only 88,000 jobs in March, a third of the February gain, while the unemployment rate ticked down by a tenth of a point to 7.6 per cent due to people dropping out of the workforce.
Job creation slumped to its weakest level since June 2012, and was far below the 192,000 jobs that analysts had on average expected.
The pullback in jobs gains "was simply awful," said Fred Dickson, chief investment strategist at DA Davidson & Co.
"This piece of economic data adds some uncertainty regarding an economic surge needed near-term to push stock prices meaningfully higher," he said.
Market sentiment was also under pressure from the worries regarding North Korean intentions after reports indicated Pyongyang had ordered two missiles to be relocated to North Korea's east coast, Briefing.com said.
Financials and tech stocks in particular suffered. On the Dow, American Express slid 2.8 per cent and Bank of America lost 1.1 per cent.
Blue-chips Microsoft fell 0.8 per cent, IBM was down 1.7 per cent and United Technologies dropped 1.1 per cent.
Oil majors Chevron lost 1.0 per cent and ExxonMobil fell 1.3 per cent.
Dow member Hewlett-Packard shed 1.6 per cent after announcing its non-executive chairman Raymond Lane has decided to step down in a shakeup of the board of directors at the struggling US computer giant.
Wall Street stocks closed higher on Thursday after the Bank of Japan's monetary stimulus plan boosted sentiment. They rose 0.38 per cent, the S&P 500 added 0.40 per cent and the Nasdaq climbed 0.20 per cent.
Bond prices soared. The yield on the 10-year Treasury plummeted to 1.70 per cent from 1.76 per cent on Thursday, while the 30-year yield skidded to 2.87 per cent from 2.99 per cent. Bond prices move inversely to yields.
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