NEW YORK, March 6 — Wall Street stocks tumbled in opening trading today, shrugging off strong US jobs data as investors fixate on the economic toll from the coronavirus.

After about 20 minutes, the Dow Jones Industrial Average stood at 25,338.65, down 3.0 per cent or around 780 points.

The broad-based S&P 500 shed 3.1 per cent to 2,930.04, while the tech-rich Nasdaq Composite Index sank 2.9 per cent to 8,486.38.

Demand remained elevated for secure assets such as bonds, with the yield on the 10-year US Treasury note falling to a fresh all-time low.

The Labor Department reported that the US economy added 273,000 jobs in February, toping expectations, and unemployment dipped to 3.5 per cent, near a 50-year low.

But the market essentially ignored the report, viewing it as outdated before the coronavirus crisis depressed the global outlook.

"The February jobs report showed remarkably healthy labour market fundamentals prior to the coronavirus outbreak,” said a note from Oxford Economics.

"But, while strong employment and steady wage gains have boosted consumers’ immune system, the virus is all but certain to infect their willingness to spend. Cautious businesses, weary workers and the absence of a coordinated policy responses will weigh on job growth in H1 2020.”

Starbucks fell 3.8 per cent as it projected that quarterly comparable sales in China will fall 50 per cent from last year’s level, hitting revenues by between US$400 million and US$430 million, following the temporary closure of about 80 per cent of the company’s China stores due to the virus.

JPMorgan Chase sank 5.0 per cent, joining other large banks in retreating on the weakening outlook for interest rates. The bank also disclosed that Chief Executive Jamie Dimon underwent emergency heart surgery yesterday.

Head of the company’s investment bank Daniel Pinto and head of the consumer bank Gordon Smith will take over day-to-day duties while Dimon, 63, recovers. — AFP