SPDR S&P 500 ETF (NYSEArca: SPY) dropped more than 1% in opening trades Friday as U.S. stocks tanked after miserable June nonfarm payrolls report.

The economy added only 18,000 jobs last month, while economists had predicted nonfarm payrolls would rise by more than 100,000. The May and April figures were also revised lower by the Labor Department, which said the unemployment rate rose to 9.2%.

“It is about as bad as anyone could image,” said Nigel Gault, chief U.S. economist for IHS Global Insight, according to a MarketWatch report.

The Dow Jones Industrial Average slipped by about 100 points in early trading Friday.

Exchange traded funds that invest in Treasury bonds rallied after the jobs report  – iShares Barclays 20+ Year Treasury Bond (NYSEArca: TLT) rose 1% as investors looked for safe havens. [Analyst Likes Muni ETFs Over Treasuries]