Morning traders. Thanks weekend loungers, especially @Ravgnome....

Morning traders. Thanks weekend loungers, especially @Ravgnome.


Outlook for the day: Positive for a third session after a "Goldilocks" April jobs report kept US interest rate cuts in the frame this year.

ASX futures: up 22 points or 0.29%


Friday themes:

• US stocks kick higher after weaker-than-expected April jobs data furthers the case for interest rate cuts before year-end and tempers fears that the economy may overheat.
• The Nasdaq surges nearly 2% as treasury yields retreat. The 10-year treasury yield dips back under 4.5%, easing pressure on companies whose valuations depend most on the cost of borrowing.
• The S&P 500 climbs 1.26% to its biggest gain since February. The Dow gains 1.18%.
• Investors cheer April employment data showing the economy added 175,000 jobs last month, well below the 240,000 gain predicted by economists but not weak enough to set alarm bells ringing. The unemployment rate ticked up to 3.9% from 3.8% in March. Wages increased less than expected - a positive sign for inflation.
• “It’s really eased investors’ fears that the economy may be overheating or reaccelerating, and it’s reviving hope for rate cuts. That’s why rates are falling, bonds are rallying and equity markets are up. Bad news for the jobs market, means the Fed may be able to start cutting later this year” - Emily Roland, co-chief investment strategist at John Hancock Investment Management (per CNBC).
• The odds on a September rate cut rise to 50%, according to CME Group's FedWatch tool.
• Apple surges 5.98% after beating earnings expectations and announcing a share buyback.
• Biotech Amgen has its best session since 2009, soaring 11.82% on promising results from an injectable weight-loss drug.
• Every sector advances except energy (down 0.06%). The day's best performers are tech +3.01%, communication services +1.02% and materials +1%.
• Oil closes its worst week since February with another down-leg on Friday as ceasefire talks in the Middle East soothe supply worries. Brent crude drops almost 0.9% to extend its decline for the week to around 6%. The US benchmark, West Texas Intermediate, sheds 6.9% for the week following an unexpectedly large increase in the national stockpile.
• The dollar regains 66 US cents for the first time in nearly a month, rising 0.28% to 66.17 US cents.
• The Reserve Bank commences a two-day meeting today that culminates with an interest rate announcement and press conference tomorrow afternoon.

Key events this week:

• Chinese markets reopen after May Day holidays - today
• Job ads - 11.30 am AEST
• China services PMI - 11.45 am
• RBA interest rate announcement - Tuesday
• US consumer sentiment - Friday
• China inflation - Saturday

S&P 500: up 64 points or 1.26%

Dow: up 450 points or 1.18%

Nasdaq: up 315 points or 1.99%

Dollar: up 0.28% to 66.17 US cents

Brent crude: down 71 US cents or 0.9% to US$82.96

Gold: down US$1.40 or 0.06% to US$2,309.60

NYSE Arca Gold Bugs: down 0.36%

Bitcoin: down 0.31% to US$63,688

Copper (LME): up 1.48% to US$9,910

Nickel (LME): up 3.16% to US$19,237

Uranium (spot price): up 2.06% to US$93

Lithium carbonate (China spot): up 0.21% to US$15,477

Global X Lithium & Battery Tech ETF: up 0.81%

BHP: up 1.22% (US); up 0.4% (UK)

Rio Tinto: up 0.97% (US); up 0.46% (UK)