November 3, 2017 / 11:32 AM / a year ago

US STOCKS-Futures rise with Apple ahead of jobs data

* 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)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below