Stocks are sliding after the jobs report (SPY, SPX, DJI, IXIC)

Stocks slid on Friday after we got the March jobs report that beat expectations.

Futures had already been under pressure ahead of the report, as European markets sold off.

But by 10:17 a.m. ET, stocks had regained most of their losses and traded almost flat, with the Dow up 4 points, the S&P 500 off 3, and the Nasdaq down 1. The Dow fell by more than 100 points shortly after the open.

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The jobs report showed that the economy added 215,000 jobs in March (205,000 expected), while the unemployment rate ticked up to 5% from 4.9%.

There’s a lot more economic data out on Friday, including auto sales, manufacturing PMIs, consumer confidence and construction spending. You can read our full preview of this busy day here.

Meanwhile, West Texas Intermediate crude gave up all its gains of the year. Futures fell nearly 4% to as low as $36.86 per barrel in early trading in New York.

Bloomberg reported that Saudi Arabia says it will only join a production freeze if Iran agrees, too. A meeting of OPEC and non-OPEC producers over a potential agreement is expected later this month. Iran is trying to boost production, following the lifting of economic sanctions that restricted it from exporting oil.

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