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US job growth misses expectations in August

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Broadcom ( AVGO ) tumbles after downbeat Q4 revenue forecast

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Mobileye falls after report Intel ( INTC ) exploring stake sale

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Futures: Dow and S&P 500 flat, Nasdaq off 0.11%

(Updated at 08:50 a.m. ET/1250 GMT)

By Johann M Cherian and Purvi Agarwal

Sept 6 (Reuters) - Wall Street's main indexes were set

to open flat to slightly lower after a report showed

fewer-than-expected jobs additions in the previous month, aiding

expectations that the Federal Reserve will deliver an upsized

interest rate cut in September.

A Labor Department report on Friday showed nonfarm payrolls

rose by 142,000 in August, compared with estimates of 160,000,

as per economists polled by Reuters.

The unemployment rate eased to 4.2% and was in line with

expectations. It stood at 4.3% a month earlier.

Traders' bets for a 25-basis point interest rate cut in

September eased to 49%, according to the CME Group's FedWatch

Tool, while those for a 50-bps reduction have risen to 51% from

30% a week earlier.

Some rate-sensitive growth stocks such as Tesla

rose 1.6%, while Nvidia ( NVDA ) and Apple ( AAPL ) gained more

than 0.2% each as Treasury yields dropped.

"The data overall was relatively in line, but maybe a touch

weaker than expected," said Scott Ladner, chief investment

officer at Horizon Investments.

"(Bets) have shifted more toward 50 bps and they should

because there's just frankly zero reason for the Fed to be as

tight as they are."

Federal Reserve Bank of New York President John Williams

said a better balanced economy has opened the door to cutting

rates, with the full course of action to be determined by how

the economy performs.

The labor market has come under scrutiny after an unexpected

rise in the jobless rate sparked recession fears nearly a month

ago and had sent the tech-heavy Nasdaq down more than 10% into

correction territory and led to a selloff in global markets.

At 08:50 a.m., Dow E-minis were up 21 points, or

0.05%, S&P 500 E-minis were up 4.75 points, or 0.09% and

Nasdaq 100 E-minis were down 21.5 points, or 0.11%.

The S&P 500 and the blue-chip Dow hit a more

than three-week low on Thursday after a set of mixed economic

data fueled uncertainty on the pace of monetary policy easing.

September has been historically weak for U.S. equities, with

the benchmark S&P 500 down about 1.2% for the month on average

since 1928.

The S&P 500 is on track for a weekly drop of more than 2%,

its steepest decline in nearly five months, led by a near 5%

drop in technology stocks.

Broadcom ( AVGO ) slid 6.5% after the chipmaker forecast

fourth-quarter revenue slightly below estimates, hurt by

sluggish spending in its broadband segment.

Other chip stocks such as Marvell Technology ( MRVL )

dropped 0.9% and Advanced Micro Devices ( AMD ) shed 0.8%. The

Philadelphia SE Semiconductor index is set for its

biggest weekly drop in more than a month.

Super Micro Computer ( SMCI ) dropped 3% after brokerage

J.P.Morgan downgraded the AI server maker's shares to "neutral"

from "overweight".

Mobileye Global ( MBLY ) fell 3.4% after a report that top

shareholder Intel ( INTC ) is exploring a sale of part of its

stake in the automotive tech firm.

UiPath ( PATH ) jumped 9% after the enterprise automation

and AI software company raised its annual revenue forecast.