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Nonfarm Payrolls data exceeds estimates

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GameStop ( GME ) slides as 'Roaring Kitty' returns to YouTube

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Nvidia ( NVDA ) dips with market cap back below $3 trillion

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Lyft ( LYFT ) gains after forecasting annual growth in bookings

(Updates to 4:10 PM)

By Chibuike Oguh

NEW YORK, June 7 (Reuters) - Wall Street stocks ended

slightly lower on Friday in choppy trading after

stronger-than-expected U.S. jobs data pointed to a robust

economy but prompted worries the Federal Reserve may wait longer

to cut interest rates than many investors had hoped.

The U.S. economy generated about 272,000 jobs in May, far

more than the 185,000 analysts had forecast, according to a

Labor Department report. The unemployment rate inched up to 4%.

The benchmark S&P 500 slipped immediately after the

report while U.S Treasury yields climbed as traders slashed bets

on a September rate reduction. The index recovered and briefly

hit a fresh intraday record high as investors noted the data

pointed to underlying economic health.

It finished slightly lower, with the utilities,

materials, and communication services stocks

among the biggest drag. Financials and technology

advanced ahead of others.

For the week, the S&P 500 gained 1.32%, Nasdaq rose

2.38%, and the Dow added 0.29%.

"This tells you there's certainly not going to a cut in the

short term, and with the bond yields going back up it's putting

a lot of pressure on the risk-on trade, which is probably small

caps," said Sandy Villere, portfolio manager at Villere & Co in

New Orleans.

"It's just a function of interest rates and maybe a little

higher for longer, and people have to recalibrate for that type

of environment," he added.

Traders now see a 56% chance of a September rate reduction,

according to the CME's FedWatch tool. Investors will eye U.S.

inflation data next week and the Federal Reserve's two-day

policy meeting, which ends on June 12.

"No one expects the Fed to cut (rates next week), but will

they open the door for a cut as soon as September is the big

question on everyone's mind," said Ryan Detrick, chief market

strategist at the Carson Group, adding he still sees a September

reduction on the table.

The Dow Jones Industrial Average fell 87.18 points,

or 0.22%, to 38,798.99, the S&P 500 lost 5.97 points, or

0.11%, to 5,346.99 and the Nasdaq Composite lost 39.99

points, or 0.23%, to 17,133.13.

GameStop ( GME ) slumped 39% in volatile trading just as

stock influencer "Roaring Kitty" kicked off his first livestream

in three years. The gaming retailer had announced a potential

stock offering and a drop in quarterly sales.

Other so-called meme stocks, including AMC Entertainment ( AMC )

and Koss Corp ( KOSS ), fell 15.1% and 17.4%,

respectively.

Nvidia ( NVDA ) slipped, on track to extend the previous

session's losses, with its valuation again dipping below the $3

trillion mark.

Lyft ( LYFT ) shares rose 0.6%, following a forecast of 15%

annual growth in its gross bookings through 2027 after markets

closed on Thursday.

Declining issues outnumbered advancers by a 2.72-to-1 ratio

on the NYSE. On the Nasdaq, 1,177 stocks rose and 3,064 fell as

declining issues outnumbered advancers by a 2.6-to-1 ratio.

The S&P 500 posted 17 new 52-week highs and 5 new lows

while the Nasdaq Composite recorded 34 new highs and 149 new

lows.

Total volume of shares traded across U.S. exchanges was

about 10.75 billion, compared with the 12.7 billion average over

the last 20 trading days.