U.S. stocks fell sharply on Friday, weighed down by a jobs report that showed a continued labor market slowdown but left traders uncertain about how far the Federal Reserve will go in cutting interest rates.

Market Snapshot

The Dow Jones Industrial Average fell 410.34 points, or 1.01%, to 40,345.41, the S&P 500 lost 94.99 points, or 1.73%, to 5,408.42 and the Nasdaq Composite lost 436.83 points, or 2.55%, to 16,690.83.

Market Movers

Broadcom - Broadcom sank 10.4% after itsearnings reportlate Thursday. The chip maker gave a disappointing outlook for its October quarter.

Tesla - Tesla tumbled 8.5%. The electric-vehicle maker looks set to give back some of the 4.9% rise it scored on Thursday after announcing plans to roll out what it callsfull self-driving assistance softwarein Europe and China next year if regulators sign off.

Nvidia - Nvidia slipped 4.1%, continuing a tough week. The stock fell 9.5% Tuesday, which wiped out$279 billion in market value, the largest one-day loss of market capitalization for any U.S. company on record.

Super Micro Computer - Super Micro Computer fell 6.8%. Analysts at J.P. Morgan analysts downgraded shares of the server maker to Neutral from Overweight and slashed their target for the stock price to $500 from $950.

Planet Labs - Planet Labs plunged 28.2% after it reported a second-quarter net loss of $38.7 million, compared with a loss of $38.0 million in the same period the previous year.

Samsara - Samsara soared 13.6%. The asset-tracking software provider reported better results than expected and offered a more positive financial outlook.

Guidewire - Guidewire Software gained 12.4% after reporting fourth-quarter earnings that exceeded expectations. The maker of insurance-underwriting software raised its financial guidance for its current quarter.

Bloom Energy - Bloom Energy tumbled 9.8%. Analysts at Jefferies downgraded shares of the provider of renewable electric power to Hold from Buy. They cut their target for the stock price to $11 from $15.

Smartsheet - Smartsheet gained 5.9% after the work-management platform company ’ s earnings came in better than expected. Reutersreportedthat a private-equity consortium is in talks to buy the company, citing people familiar with the matter.

UiPath - UiPath dropped 6% after the software companyraised its full-year outlookand beat analysts ’ expectations for its quarterly revenue. The company authorized a share-repurchase program.

Market News

Unemployment Falls, Suggests Orderly US Labor-Market Slowdown

U.S. employment increased less than expected in August, but a drop in the jobless rate to 4.2% suggested the labor market was not falling off the cliff to warrant a half-point interest rate cut from the Federal Reserve this month.

The closely watched employment report from the Labor Department on Friday also showed solid wage growth last month, which should help to support consumer spending and keep the economy out of recession for now. Nonetheless, labor market momentum has slowed, with 86,000 fewer jobs added in June and July than previously reported.

The report led to a chorus of Fed officials declaring that the U.S. central bank was ready to start cutting rates at its policy meeting in about two weeks. Higher borrowing costs are curbing overall demand in the economy.

Judge delays Trump hush money sentencing until after election

A New York judge on Friday delayed former U.S. President Donald Trump's sentencing in his hush money criminal case until after the Nov. 5 election, writing that he wants to avoid the unwarranted perception of a political motive.

Trump, the Republican nominee for president, had previously been scheduled to be sentenced on Sept. 18. His lawyers in August asked Justice Juan Merchan to push back his sentencing date until after the vote, citing "naked election-interference objectives." Manhattan District Attorney Alvin Bragg, who brought the charges against Trump, is a Democrat.

Merchan said on Friday he now planned to sentence Trump on Nov. 26, unless the case is dismissed before then.