Investing.com - The Australian Stock Exchange ticked 0.2% higher on Monday, following Wall Street's impressive rally during Friday's trading session.
The surge in Wall Street was ignited by a surprising jobs report, which indicated that the US economy added 303,000 jobs in March, significantly exceeding expectations. The unemployment rate also dipped to 3.8% as labor force participation increased. This positive momentum pushed the Dow Jones Industrial Average, the S&P 500, and the NASDAQ Composite up by 0.8%, 1.1%, and 1.2% respectively.
Despite a report by Reuters suggesting that Tesla Inc (NASDAQ:TSLA) had scrapped plans for a cheaper electric vehicle, which was later refuted by Elon Musk, Meta Platforms Inc (NASDAQ:META) led the charge among the top seven tech firms.
The robust labor market performance has further diminished the likelihood of a quarter-point rate cut in June, an outcome that investors seem to have accepted with minimal resistance. The chance of a rate cut in June dipped below the 50% mark, as per CME fed futures. However, several economists from firms like Morgan Stanley (NYSE:MS) and Goldman Sachs (NYSE:GS) continue to predict the first quarter-point move in June.
Investors will keenly observe Qantas Airways Ltd (ASX:QAN) as the airline is set to unveil the details of its latest frequent flyer offering, Classic Plus.
Meanwhile, Fortescue Metals Group's (ASX:FMG) new electrolyzer factory in Gladstone, valued at $116 million, is slated to open today. This development will enable the mining titan to manufacture green hydrogen.
On the bond markets, Australia 10-Year rates were at 4.202%.