Wall Street opens lower after jobs report

US stocks opened lower on Friday after the April payroll report came in well below expectations.

The Labor Department said employers decreased hiring for the third straight month, adding 115,000 workers, below forecasts of 170,000 jobs. The unemployment rate, however, ticked down to 8.1% from 8.2%.

The Dow Jones industrial average was down 56.91 points, or 0.43%, at 13,149.68. The Standard & Poor's 500 Index was down 7.07 points, or 0.51%, at 1,384.50. The Nasdaq Composite Index was down 23.53 points, or 0.78%, at 3,000.77.