Major US stock markets extended losses on Friday, driven by the latest US employment report and updates in the banking sector. Earlier, the US Bureau of Labor Statistics reported that total nonfarm employment increased by 311,000 jobs in February, signaling that the labor market may be overheated, potentially prompting the US Federal Reserve to raise interest rates faster. On the other hand, banking stocks have dragged the indexes down after news that Silicon Valley Bank was finally closed by the US Federal Deposit Insurance Corporation (FDIC). The Dow Jones plummeted by 1.24% or 400 points at 1:34 pm ET, while the Nasdaq 100 fell 1.43%, and the S&P 500 dipped 1.55%. The euro improved by 0.69% against the dollar at 1:41 pm ET, selling for $1.06526.