US stocks have opened lower as Washington appeared headed for sharp mandatory spending cuts that could slow the economy in the wake of failed budget talks in Washington.
Five minutes into trade on Friday, the Dow Jones Industrial Average fell 74.42 points (0.53 per cent) to 13,980.07.
The broad-based S&P 500 declined by 9.32 points (0.62 per cent) to 1505.36, while the tech-rich Nasdaq Composite declined 20.07 (0.64 per cent) to 3140.12.
US markets are bracing for $US85 billion ($A83 billion) in spending cuts after President Obama and congressional Republicans failed to compromise on a less austere deficit reduction program.
Also, the Eurostat data agency said unemployment in the 17-nation eurozone rose to 11.9 per cent in January. An EU official called the results "unacceptable" and "a tragedy for Europe."
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