The mechanism of the stock market is not working, CNBC's Jim Cramer said Friday.
"We are paying far less for earnings than we were willing to pay just a few months ago, particularly for high-growth companies. This is a sign that the market attacks one area after another, after another," Cramer said on "Squawk on the Street."
Major stock indexes opened lower Friday, falling more than 1 percent after nonfarm payrolls rose less than expected in January. At one point, the telecom sector was the only one trending higher, as shares of companies from media to technology hit lows. The indexes were all down more than 1 percent midafternoon Friday.