Nasdaq Retreats 1.7% on Jobs Data; Cramer Sees Buy Opportunity in Beaten-Down Chip Stocks

On Friday, stocks retreated as investors digested May employment data and tech sector volatility, with the Nasdaq falling 1.7% and the S&P 500 declining nearly 1%. Non-farm payrolls rose 172,000, exceeding estimates, while unemployment remained at 4.3%, fueling expectations of a potential rate hike by year-end.

Jim Cramer characterized the pullback as a "cooling off period" that presents an opportunity to buy depressed chip stocks. He highlighted Intel as a "great level to buy" after the stock fell 6% on Friday, noting "there's really no negative data center thesis in sight." Broadcom's disappointing guidance earlier in the week triggered broader chipmaker declines, with the stock down 20% for the week.