Updates after payrolls data

By Sruthi Shankar and Utkarsh Hathi

May 8 (Reuters) - U.S. stocks appeared set for a higher open on Friday after a stronger-than-expected employment report alleviated worries about the labor market's health, while a rebound in chipmakers also bolstered investor sentiment.

S&P 500 and Nasdaq futures touched a record high after the Labor Department's closely watched employment report showed the U.S. economy added 115,000 jobs in April, much higher than economists' estimate of 62,000.

The report also showed the unemployment rate held steady at 4.3%, pointing to a resilient jobs market but reinforcing expectations that the U.S. Federal Reserve would leave interest rates unchanged for some time.

"It confirms that we have a solid labor market that would offer some confidence to consumers so that they can continue their resilient spending patterns," said Sam Stovall, chief investment strategist at CFRA Research.

Traders continued to bet that the central bank will hold interest rates steady in the 3.50% to 3.75% range until the end of the year.

At 08:49 a.m. ET, Dow E-minis YMcv1 rose 183 points, or 0.37%, S&P 500 E-minis EScv1 added 40.5 points, or 0.55%, and Nasdaq 100 E-minis NQcv1 gained 249.5 points, or 0.87%.

Chip stocks rebounded from the previous session's losses, with Microchip Technology MCHP.O rising almost 2% in premarket trading after forecasting first-quarter revenue above estimates. Qualcomm QCOM.O leapt 6.2%, while Nvidia NVDA.O rose 1%.

The gains helped overshadow concerns as U.S. and Iranian forces clashed in the Gulf, denting hopes of a swift resolution to the Middle East conflict and a gradual reopening of the Strait of Hormuz, a key transit route for oil and liquefied natural gas.

Oil prices LCoc1, CLc1 topped $100 a barrel. O/R

STRONG EARNINGS

Despite concerns that oil prices were fueling inflation, the S&P 500 .SPX and the Nasdaq .IXIC have touched record highs, helped by a strong earnings season, signs of a resilient economy and optimism around the outlook for technology and AI companies.

Of the 440 S&P 500 companies that have reported first-quarter results so far, 83% have topped analysts' earnings estimates, according to data compiled by LSEG. That compares with a long-term average of about 67%.

However, there were some earnings disappointments on the day.

Cloudflare NET.N shares plunged 16.2% after the cloud services company said it would cut about 20% of its workforce and forecast second-quarter revenue slightly below Wall Street expectations.

Trade Desk TTD.O fell 13.1% after the ad-tech firm forecast second-quarter revenue below Wall Street estimates.

CoreWeave CRWV.O dropped 6.6% after the cloud infrastructure technology company raised the lower end of its annual capital expenditure forecast, citing a rise in component costs.

Online travel platform Expedia EXPE.O slipped 7.9% after it flagged the conflict in the Middle East was weighing on demand.