US stocks were mostly lower on Friday after a strong jobs report consolidated the outlook of restrictive interest rates, while chip producers extended their selloff. The S&P 500 and the Nasdaq 100 fell 1% and 2.3%, respectively, while the Dow was flat near its record high. The US added a net 172K jobs in May, well above estimates. Markets increased bets of a rate hike by the Fed this year as a strong labor market adds leeway for the Fed to fight inflationary risks as the standstill between Iran and the US maintain the surge in energy prices. Banks and defensive stocks were mostly higher to support the Dow, with Visa, P&G, and UnitedHealth adding more than 1%. In turn, Broadcom dropped 4% to extend the 13% slump from last session after missing guidance estimates, driving broader AI infrastructure stocks to drop. Micron slumped 4% and Nvidia lost 2%. S&P Dow Jones denied the fast entry for SpaceX into its indices ahead of its IPO next week, expected to be the largest in history.