The S&P 500 and Nasdaq closed lower on Friday after touching record highs during the session. Chip stocks went into reverse and a mixed labor market report showed more new jobs than expected with a rising unemployment rate. The Philadelphia Semiconductor Index sharply underperformed, and artificial intelligence chip darling Nvidia snapped a six-session winning streak. In the chip index, Broadcom and Marvell Technology both saw their stocks plummet. The market opened higher after U.S. job growth accelerated in February, but the unemployment rate rose, and wage growth slowed. Profit taking was attributed to consumers spending cautiously, while market bias remains positive.