LIVE MARKETS-More sharp declines on Wall Street after jobs data

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MORE SHARP DECLINES ON WALL STREET AFTER JOBS DATA

The three major U.S. stock indexes are sharply lower on Friday as a disappointing U.S. jobs report adds to worries about weakness in the labor market and investors remain rattled over the Middle East war.

Most of the major S&P 500 sectors are lower in early trade, with financials .SPSY, leading declines among the major sectors. Just energy .SPNY is higher as oil prices spiked again. U.S. oil CLc1 is up more than 9% early on Friday.

Oil prices have risen sharply since the start of the U.S.-Israeli war with Iran, now in its seventh day.

After the jobs data, traders boosted expectations for an interest rate cut of at least 25 basis points from the Federal Reserse at its June meeting. But inflation worries remain.

The data showed the U.S. economy unexpectedly shed jobs in February and the unemployment rate increased. Nonfarm payrolls decreased by 92,000 jobs last month after a downwardly revised 126,000 increase in January, the Labor Department's Bureau of Labor Statistics said. Economists polled by Reuters had forecast payrolls advancing by 59,000 jobs.

Investors are already concerned about job cuts tied to artificial intelligence.

Here is the snapshot of the market in early trading:

(Caroline Valetkevitch)

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