The S&P/ASX 200 rose 0.5% to above 8,865 on Friday, extending gains from the previous session, supported by a rally in Wall Street overnight. This move came after fresh labor data reinforced bets of a September Fed rate cut, while latest PMI data lifted sentiment. Traders now await today’s US jobs report for clues on a possible rate cut before the Fed’s September 17 meeting. Meanwhile, the ASX is on track for its sharpest weekly decline since late March, partly due to mixed economic signals and reduced expectations of an imminent RBA rate cut. Still, the financial sector outperformed, rising nearly 1% as higher rates bolster net interest margins and profitability. Macquarie Group also climbed 1.4% after a Fosun unit agreed to sell a 40% stake in Portugal’s Luz Saude to a Macquarie-linked entity. On the flip side, heavyweight miners declined amid softer commodity prices, such as BHP (-1.6%), Rio Tinto (-0.6%), and Lynas Rare Earths (-0.8%).