NEW YORK, New York - U.S. stock markets closed mixed on Monday despite an easing of bond yields. Long-term interest rates hit a nearly 20-year high last week, with the 30-year trading at 5.34 percent. Treasury Secretary Scott Bessent at that time announced that the Treasury Department would at least double the level of government debt buybacks in the next few months. After that failed to stem the carnage in bond markets, he said Monday the buybacks could be larger than the $4 billion announced last week. He also foreshadowed that the Fed in future may issue shorter-maturing bonds.

On Monday, the 30-year Treasury yield dipped to around 5.20 percent. "The Treasury attempt to cap long rates by issuing more short-term paper as the financing tool will tether U.S. government interest rate expense ever closer to what the Federal Reserve does with the fed funds rate," Peter Boockvar, chief investment officer at One Point BFG Wealth Partners told CNBC Monday. "I don't think this is something Kevin Warsh will talk about in his speech Friday but it is a new element he's going to have to deal with."

Technology shares lagged on Monday, as investors rotated out of growth names and into value-oriented sectors ahead of a busy week for economic data.

The Standard and Poor's 500 slipped 21.41 points, or 0.28 percent, to end at 7,652.96. The broad-market index traded between an intraday low of 7,638.17 and a high of 7,670.30, remaining well above its 52-week trough of 6,316.91. Volume on the index reached 2.374 billion shares.

The Dow Jones Industrial Average, however, bucked the downward trend, climbing 139.98 points ( 0.26 percent ) to settle at 53,416.99. The blue-chip index touched a session low of 53,261.95 and a high of 53,508.18, extending its recent run as cyclical and industrial stocks provided support. Trading volume on the Dow totaled 397.364 million shares.

The tech-heavy NASDAQ Composite underperformed, tumbling 200.26 points, or 0.76 percent, to close at 25,980.19. The decline was led by megacap technology names and semiconductor stocks, which came under pressure amid rising bond yields and profit-taking after a strong rally in recent weeks.

"The market is seeing a classic rotation trade today," Michael Torres, chief market strategist at Sterling Capital Advisors said Monday. "Investors are moving money out of expensive tech names that have had a massive run and into value stocks and cyclicals that stand to benefit from a still-resilient economy. The Dow's outperformance tells that story clearly."

U.S. Dollar Climbs Across the Board on Monday as Euro, Yen, Swissie, Aussie, Canadian Dollar and Pound Retreat

The U.S. dollar traded higher against all major currencies on Monday, extending its recent rally as investors bet on the resilience of the American economy and positioned for key inflation and jobs data later in the week.

The euro slid against the greenback, with the EUR-USD pair last trading at 1.1662, down 0.15 percent on the session. The single currency struggled to hold above the 1.17 level as disappointing German business sentiment data weighed on the common currency zone.

Against the Japanese yen, the dollar strengthened further, with the USD-JPY pair rising to 159.15, a gain of 0.13 percent. The pair remained near multi-month highs as the interest rate differential between the U.S. and Japan continued to favor the dollar, keeping the yen under persistent pressure.

The British pound also lost ground, with GBP-USD slipping to 1.3629, a decline of 0.11 percent. Sterling came under pressure amid concerns over the UK economic outlook and as traders digested the latest signals from the Bank of England regarding future monetary policy moves.

Commodity-linked currencies fared no better. The Australian dollar fell, with AUD-USD dropping to 0.7148, a loss of 0.32 percent, as softer iron ore prices and risk-off sentiment weighed on the antipodean currency.

The Canadian dollar weakened sharply, with USD-CAD climbing to 1.3847, an advance of 0.63 percent — the largest daily move among the major pairs. The loonie was pressured by sliding crude oil prices and growing concerns about global demand, which overshadowed the Bank of Canada's hawkish signals.

The Swiss franc also gave way, with USD-CHF rising to 0.8027, up 0.19 percent. The safe-haven franc failed to attract bids despite the risk-averse tone in global equity markets, as the dollar's yield advantage proved more compelling for investors.

"The dollar's strength was broad-based and relentless today," Rachel Chen, senior currency strategist at GlobalFX Partners said Monday. "With the Federal Reserve still seen as relatively hawkish compared to its major peers, and with U.S. growth data remaining solid, the greenback continues to find support at every dip."

Traders now look ahead to U.S. consumer confidence figures on Tuesday and the Federal Reserve's preferred inflation gauge later in the week, which could provide further direction for the dollar and potentially test its recent upward momentum.

Global Stock Markets Close Mixed on Monday as Tech Losses Offset by UK Gains

Global stock markets delivered a mixed performance on Monday, with European bourses largely in the red while London's FTSE 100 and Canadian equities bucked the trend, as investors weighed corporate earnings and currency fluctuations ahead of a busy week for economic data.

In Canada, the S&P/TSX Composite Index advanced 93.89 points ( 0.26 percent ) to finish at 36,714.12 on volume of 264.324 million, buoyed by gains in energy and financial shares as crude prices steadied.

In London, the FTSE 100 closed at 10,854.32, gaining 37.76 points, or 0.35 percent. The index traded between an intraday low of 10,798.98 and a high of 10,864.75, remaining well above its 52-week trough of 9,107.40.

European benchmarks, however, finished lower. Germany's DAX slid 29.96 points to end at 26,106.60, a decline of 0.11 percent, after touching a session low of 26,038.07.

In France on Monday, the CAC 40 dropped 31.42 points, or 0.37 percent, to settle at 8,453.01, while the broader EURO STOXX 50 fell 14.24 points ( 0.22 percent ) to 6,447.98.

The Euronext 100 Index lost 6.07 points ( 0.31 percent ), closing at 1,932.87, and Belgium's BEL 20 was a rare gainer in the region, adding 6.33 points ( 0.11 percent ) to finish at 5,813.50.

Asian markets saw steeper declines. Hong Kong's Hang Seng Index tumbled 492.13 points, or 1.89 percent, to close at 25,517.33, while South Korea's KOSPI suffered the session's heaviest loss, plummeting 215.99 points ( 3.12 percent ) to 6,696.96.

In Japan, the Nikkei 225 shed 488.27 points ( 0.74 percent ), ending at 65,528.09. Taiwan's TWSE fell 1.02 percent to 44,762.32, 

Australia's markets outperformed the region, with the S&P/ASX 200 rising 44.20 points ( 0.49 percent ) to 9,103.10 and the broader All Ordinaries adding 47.00 points ( 0.51 percent ) to close at 9,316.70. New Zealand's S&P/NZX 50 dropped 0.65 percent to 13,881.88.

Southeast Asian bourses were mostly lower. The STI Index in Singapore slipped 8.50 points ( 0.15 percent ) to 5,680.46, Malaysia's FTSE Bursa KLCI edged down 0.01 percent to 1,736.33, and Indonesia's IDX Composite fell 0.37 percent to 6,501.67. 

In India, the S&P BSE Sensex closed at 77,369.11, down 171.72 points or 0.22 percent. China's SSE Composite Index lost 0.59 percent to finish at 3,882.01 on heavy volume of 1.449 billion shares. 

In the Middle East on Monday, Egypt's EGX 30 fell 0.34 percent to 55,164.80 with turnover of 329.095 million, while Israel's TA-125 dropped 1.09 percent to 4,014.95.

South Africa's Top 40 USD Net TRI Index declined 0.86 percent to 7,338.87.

(This report incorporates quotes retrieved with the assistance of artificial intelligence).

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