US stocks started the week on an upbeat note, closing more than 1 per cent higher as investors continued to price in interest rate cuts before the end of the year.

The benchmark S&P 500 gauge added 1 per cent on Monday, while the technology-heavy Nasdaq Composite rose 1.2 per cent, with Nvidia, Micron Technology, Meta and Netflix helping to lead the gains.

Government bond moves were relatively muted, with the policy-sensitive two-year yield advancing 0.03 percentage points to 4.84 per cent as the price of the debt instrument edged lower.

Labour market data on Friday showed US employers added far fewer jobs than expected in April, fuelling optimism about rate relief. 

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