UPDATE (3:22 PM ET): Markets tanked in the wake of a bad jobs number. But they seem to be coming off the lows.

The Dow was off as much as 185. earlier this afternoon.

Now it's trading down around 140.

The increase in non-farm payrolls came in at 80K, sharply missing expectations of 100K.

Gold is off 1.93 percent in the wake of the announcement, trading at $1578 per ounce.

Also taking a hit in the wake of the jobs announcement: Treasuries, EUR/USD and USD/YEN.

Check out the drop in Dow futures right after the report came out at 8:30 AM ET today: