The Dow Jones industrial average fell 225 points, or 1.4 percent, to 16,157 in the first few minutes of trading Friday.
The Standard & Poor's 500 index gave up 23 points, or 1.2 percent, to 1,927. The Nasdaq composite slipped 52 points, or 1 percent, to 4,682.
The government reported that the unemployment rate fell to a seven-year low in August as employers added a modest 173,000 jobs.
The report will be a key factor as Federal Reserve officials decide whether to start raising interest rates.
European markets fell after big gains the day before.
U.S. government bond prices rose. The yield on the 10-year Treasury note fell to 2.14 percent.