“We certainly saw that on Friday when copper prices jumped by 7.6 per cent and gold prices also jumped by more than 3 per cent. So given these positive leads from the commodity space, the resource companies are a big stand-out today,” Lee said.

The energy sector had a mixed day but overall closed 1.4 per cent higher, mainly driven by a 2.6 per cent jump from Woodside Energy, which is trading at $39.16, and despite Santos dropping by 0.1 per cent.

The IT sector suffered losses, down 2.2 per cent, which Lee said was influenced by what was happening on Wall Street on Friday.

“We have seen tech coming under pressure, so that’s been a big thing that we’ve seen throughout the year, and unfortunately, rising interest rates are bad for long-duration growth assets, which tech falls into, and we have also seen company earnings impacting on the tech sector over in the US, which is a lead here.”

On Friday, the S&P 500 climbed 1.4 per cent after an even bigger rally from the morning disappeared completely, only to recover at the end of the day.

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The latest set of gyrations in what’s already been a wild year for markets followed a US government report showing the unemployment rate ticked higher in October, employers added fewer jobs than they had a month earlier and gains for workers’ wages slowed a touch.

Big tech companies such as Amazon have recently announced hiring freezes or even lay-offs to stay in step with what they see as a weakening economy. That could keep the job market out of a feared “wage-price spiral”, where a tight jobs market sends wages so high that it feeds into even higher inflation.

Other analysts, though, focused on the still-solid jobs market where hiring continues to top expectations. If anything, Friday’s stronger-than-forecast jobs data likely means “Fed officials are going to have to step on the brakes even harder to slow this economy and bring inflation under control,” according to Russell Price, Ameriprise chief economist.

Tweet of the day:

Quote of the day:

“You just can’t trust a criminal,” Medibank chief executive David Koczkar said after Medibank announced it would not pay a ransom to hackers.

“All the advice is that paying does not guarantee that the data will be returned. It dramatically increases the chance of people being exploited and more Australians being at risk.”