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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 PM ET)

By Chibuike Oguh

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

mostly flat 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.

According to preliminary data, the S&P 500 lost 7.01

points, or 0.13%, to end at 5,345.95 points, while the Nasdaq

Composite lost 42.79 points, or 0.25%, to 17,130.33. The

Dow Jones Industrial Average fell 91.88 points, or 0.24%,

to 38,794.29.

"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. So it definitely looks like a risk-off trade so

far today," 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.

GameStop ( GME ) slumped 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 ), also fell.

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

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

trillion mark. Its highly anticipated 10-for-1 share split is

due after markets close and could make the more-than-$1,000

stock cheaper for investors.

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

annual growth in its gross bookings through 2027 after markets

closed on Thursday.