The Dow Jones industrial average fell 1 percent, the broad S&P 500 index fell 1.3 percent and the tech-heavy Nasdaq composite index fell 1.6 percent.
This comes after statistics showed unexpectedly weak job numbers. According to the new figures, 92,000 jobs, excluding the agricultural sector, were lost in the US in February.
Stock market sentiment around the world is also being overshadowed by rising oil prices. In the past five days, US WTI oil futures have risen 35.5 percent to $90.80 per barrel.
It is the largest weekly increase since records began in 1983, CNBC reports.
Oil prices are now at their highest level since the fall of 2023.
On Friday, Qatar's energy minister also warned that crude oil prices could reach $150 per barrel in the coming weeks if oil shipments do not resume in the area.
One of the few gains on Wall Street is in the Vix - the so-called fear index - which measures market anxiety, and climbed 25.9 percent during the day.
The strongest mover among individual stocks was chip manufacturer Marvell Technology, which rose 18.2 percent after a quarterly report that was warmly received by the market.
During the week as a whole, the Dow Jones Industrial Average fell 3 percent, the S&P 500 lost 2 percent, and the Nasdaq Composite Index fell 1.2 percent.
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