* Futures up :Dow 48 pts, S&P 2.5 pts, Nasdaq 23.5 pts
By Sruthi Shankar
Nov 3 (Reuters) - Apple’s upbeat results and strong initial demand for the new iPhone X put Wall Street on track for a strong opening on Friday, while investors watched out for October jobs data for clues on the strength of the labor market.
* Apple shares surged 3 percent in premarket trading after the world’s largest company by market capitalization gave a robust sales forecast for the year-end holiday shopping season.
* U.S. job growth likely rebounded sharply in October after hurricane-related disruptions depressed employment in September, in a move that could seal the case for an interest rate increase from the Federal Reserve in December even as wage growth probably slowed.
* Traders now see a 98.2 percent chance of an interest rate hike in December, according to CME Group’s FedWatch tool.
* The Labor Department releases nonfarm payrolls numbers at 8:30 a.m. ET (1230 GMT). It is likely to rebound by 310,000 jobs in October after a 33,000-jobs fall in September.
* The unemployment rate is forecast unchanged at 4.2 percent and average hourly earnings rising 0.2 percent after jumping 0.5 percent in September.
* President Donald Trump on Thursday tapped Fed Governor Jerome Powell to become head of the U.S. central bank, signaling a continuation of current Chair Janet Yellen’s cautious monetary policies.
* In Washington, House Republicans also finally disclosed their long-delayed plans for tax cuts that Trump has promised, setting off a frantic race in Congress to give him his first major legislative victory.
* Starbucks slipped 3.4 percent after the company trimmed its profit forecast and posted disappointing sales, squeezed by competition.
* AIG fell 4.3 percent after the insurer posted a bigger loss on huge catastrophe losses and said it set aside more money in reserves to meet losses related to prior-year accident claims.
Futures snapshot at 6:52 a.m. ET:
* Dow e-minis were up 48 points, or 0.2 percent, with 14,548 contracts changing hands.
* S&P 500 e-minis were up 2.5 points, or 0.1 percent, with 67,881 contracts traded.
* Nasdaq 100 e-minis were up 23.5 points, or 0.38 percent, on volume of 17,135 contracts. (Reporting by Sruthi Shankar in Bengaluru; Editing by Sriraj Kalluvila)