Stocks slumped on Wall Street today as upbeat labour market data was eclipsed by interest rate worries, lacklustre retail sales and a stern warning about the US budget deficit from Federal Reserve chairman Alan Greenspan.

A sharp drop in consumer confidence gave US investors another excuse to sell today, sending most stocks moderately lower in what some analysts are starting to call a market correction.

Vodafone group's shares slipped nearly 4% this morning as concerns mounted on the mobile operator getting involved in a bidding battle to takeover US company AT&T Wireless Services.

US investors today used the latest round of disappointing economic data as an excuse to gather profits and send stocks lower.

US investors intent on collecting profits from Friday’s big gains looked past a series of positive earnings reports today and sent blue chip stocks moderately lower. The falling dollar and rising price of oil contributed to the selling.