Wall Street fell more than 1 percent at the open on Friday after China surprised global markets by increasing banks' reserve requirements, raising worries about the impact of a monetary tightening on global growth and driving investors away from risky assets.

The Dow Jones industrial average <.DJI> lost 123.19 points, or 1.21 percent, to 10,021.00. The Standard & Poor's 500 Index <.SPX> dropped 11.83 points, or 1.10 percent, to 1,066.64. The Nasdaq Composite Index <.IXIC> fell 22.18 points, or 1.02 percent, to 2,155.23.