U.S. equity markets slid Friday morning as the strong February jobs report was overshadowed by continued fears surrounding the new coronavirus.
The Dow Jones Industrial Average fell 773 points, or 2.95 percent, in the opening minutes of trading while the S&P 500 and Nasdaq Composite dropped 2.88 percent and 2.97 percent, respectively.
Markets saw little reaction to the February payroll report, which showed the U.S. economy added 273,000 positions as the unemployment rate slipped to 3.5 percent. Wall Street economists surveyed by Refintiv were expecting the addition of 175,000 jobs with an unemployment rate of 3.6 percent.
Meanwhile, the latest figures from the World Health Organization show COVID-19 has infected at least 95,333 people worldwide and killed 3,282. Here in the U.S., there have been 99 confirmed cases and 10 deaths through Thursday, according to the WHO.
The sharp selloff in stocks caused an overnight stampede into U.S. Treasurys, pushing yields to historic lows. The yield on the 10-year note fell more than 22 basis points to a record of 0.695 percent while the 30-year bond yield plunged over 28 basis points to 1.28 percent. Both yields have bounced off those levels and were at 0.698 percent and 1.318 percent, respectively.
Rock-bottom Treasury yields are slicing profit margins on lending, causing investors to dump financial stocks. Elsewhere in the sector, JPMorgan Chase shares are in focus after the firm announced CEO Jamie Dimon is recovering from emergency heart surgery.