U.S. stocks slid Friday as investors digested a stronger-than-expected jobs report and rising rates.

The Dow Jones Industrials dwindled 204.09 points to 33,044.19.

The S&P 500 fell 44.19 points, or 1.1%, to 4,132.63.

The NASDAQ Composite slumped 193.18 points, or 1.6%, to 12,123.71.

Technology shares retreated amid the rising rates. Micron Technology fell about 6% and Nvidia fell nearly 3%. Mega-cap tech names Google parent Alphabet and Facebook parent Meta Platforms each lost more than 1%.

Apple eased more than 2% after a negative research note from Morgan Stanley. The firm said slowing App Store growth could hurt the company in the near-term.

Tesla shares fell more than 6% after Reuters reported, citing an internal email, that CEO Elon Musk wants to cut 10% of jobs at the car maker. According to Reuters’ report, Musk also said in the email that he has a “super bad” feeling about the economy.

Hiring in the U.S. remained elevated in May. Non-farm payrolls added 390,000 jobs last month, the U.S. Bureau of Labor Statistics reported Friday. Economists expected 328,000 jobs added, according to Dow Jones.

Treasury prices sagged, raising yields to 2.95% from Thursday’s 2.91%. Treasury prices and yields move in opposite directions.

Oil prices gained 92 cents to $117.79 U.S. a barrel.

Gold prices lost $4.70 to $1,866.70 U.S. an ounce.