*

Nonfarm Payrolls data exceeds estimates

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

*

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

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Lyft ( LYFT ) gains after forecasting annual growth in bookings

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Indexes mixed: Dow up 0.03%, S&P up 0.02%, Nasdaq down

0.21%

(Updates to 2:28 PM ET)

By Chibuike Oguh

NEW YORK, June 7 (Reuters) -

Wall Street stocks were mostly flat on Friday in choppy

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

robust economy but also prompted worries that 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. But

the index recovered and briefly hit a fresh intraday record high

as investors noted the data pointed to underlying economic

health.

"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.

Rate-sensitive real-estate stocks were leading

losses, while financial equities were advancing ahead of

others. All three major indexes were on track for weekly gains.

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.

At 2:28 p.m., the Dow Jones Industrial Average

rose 10.90 points, or 0.03%, to 38,897.07, the S&P 500

gained 1.07 points, or 0.02%, to 5,354.03 and the Nasdaq

Composite lost 36.36 points, or 0.21%, to 17,136.70.

GameStop ( GME ) slumped 38% 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.

AMC Entertainment ( AMC ) and Koss Corp ( KOSS ) down 14%

and 17%, respectively.

Nvidia ( NVDA ) slipped 0.7%, on track to extend the

previous session's losses, with its valuation again dipping

below the $3 trillion mark. The chipmaker's 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 0.6%, following a forecast of 15%

annual growth in its gross bookings through 2027

Declining issues outnumbered advancers by a 2.66-to-1

ratio on the NYSE. On the Nasdaq, 1,139 stocks rose and 3,039

fell as declining issues outnumbered advancers by a 2.67-to-1

ratio.

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

while the Nasdaq Composite recorded 30 new highs and 131 new

lows.