Last Friday, US stock indices closed lower. The S&P 500 fell by 0.32%, while the Nasdaq 100 declined by 0.08%. The industrial Dow Jones dropped by 0.44%.

Today, Asian indices mostly advanced as traders raised expectations for a Federal Reserve rate cut following weak US employment data on Friday. European stock futures traded in a narrow range. French government bond futures were little changed ahead of Monday's no-confidence vote in parliament, where Francois Bayrou's government is likely to resign.

Expectations of a Fed rate cut strengthened after Friday's US jobs report showed that only 22,000 jobs were created in April, far below economists' forecasts. This led traders to assume that the Fed could begin cutting interest rates earlier than previously expected. The Nikkei 225 index rose by 1.2%, while the broader Topix index added 0.9%. The MSCI Asia Pacific regional equity index climbed by 0.3%.

Technology stocks delivered some of the strongest performances in Asian trading, with Alibaba Group Holdings Ltd. and Tencent Holdings Ltd. contributing most to the regional index. Shares of Pop Mart International Group fell as investors locked in profits after a more than 200% rally this year following the stock's inclusion in key Hong Kong indices.

Despite Friday's correction, global stock indices remain close to record highs, and investors appear to be viewing the economic slowdown under the "bad news is good news" scenario due to the prospect of rate cuts.

US Treasuries partially retraced Friday's gains in Asian trading: the two-year yield rose by two basis points to 3.53%. The Bloomberg Dollar Spot Index climbed by 0.1%.

In the commodity market, oil advanced after OPEC+ agreed on Sunday to a moderate production increase next month. Oil futures had fallen last week amid signs of upcoming supply growth. Gold traded near Friday's record high.

As for the technical picture of the S&P 500, the main task for buyers today will be to break through the nearest resistance level of $6,490. This would allow for further upside and open the way toward the next level at $6,505. An equally important objective for bulls will be to keep control over the $6,520 mark, which would strengthen buyers' positions. In case of a downside move amid weakening risk appetite, buyers will need to step in around $6,473. A break below this level would quickly push the instrument back to $6,457 and pave the way for further weakness toward $6,441.