US stocks rose to kick off May, as Meta and Microsoft rekindled the AI trade. However, Amazon shares slipped after earnings fell short, weighed down by disappointing cloud revenue. Meanwhile, the weight-loss drug sector saw heightened competition, with CVS choosing Novo Nordisk over Eli Lilly, intensifying the price wars. European markets were closed for the Labor Day holiday, but UK shares remain on track for their best run since 2017. In commodities, oil prices climbed as President Trump threatened new sanctions on Iran, while gold dipped to a two-week low amid optimism over trade talks. The US dollar strengthened against most major currencies, and Treasury yields rose following a better-than-expected manufacturing report. Closer to home, Aussie shares are expected to fall on Friday ahead of the federal election.

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