ASX set to open higher as Wall Street anticipates Fed rate cut

US stock indexes rose on Friday, led by Amazon's strong quarterly profit, which boosted the S&P 500 by 0.4%. The Dow Jones gained 288 points, and the Nasdaq increased by 0.8%. The Australian sharemarket is expected to open higher. A weak US jobs report showed only 12,000 new jobs added in October, far below expectations. This has increased speculation that the Federal Reserve will cut interest rates by a quarter percentage point this week, following a larger cut in September. Treasury yields rose after initially falling in response to the jobs report. The two-year yield climbed to 4.20%, while the 10-year yield increased to 4.37%. Economic indicators suggest a potential slowdown, but the overall economy remains resilient.