U.S. stocks open lower, extending Thursday's selloff as focus remains on stagflation risks

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U.S. stocks opened lower on Friday, extending Thursday’s selloff which saw the Dow Jones Industrial Average and Nasdaq Composite Index book their worst daily drops since 2020. Data released on Friday showed that the U.S. added a solid 428,000 new jobs in April, but an acute labor shortage showed little improvement last month and threatens to add to the highest inflation in 40 years. The Dow slipped 202 points, or 0.6%, while the S&P 500 fell 0.5% and the Nasdaq Composite dropped 0.6%.

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