NEW YORK, New York - U.S. stocks succumbed to intensified selling on Monday as the bond market rout continued. U.S. Treasury yields, already at elevated levels not seen in more than twenty years, forged further ahead on Monday. The benchmark 10-year Treasury yield rose above 5.2 percent, while the 30-year Treasury yield climbed above 5.50 percent.
Those yields have "come back up meaningfully today, and that's causing an understandable weakness in the tape," Justin Bergner, portfolio manager at Gabelli Funds, told CNBC Monday. "The competition for capital with AI hyperscaler spending ... also pressures the consumer with higher rates, so it kind of makes the market more one-sided than it already is," Bergner said.
The Standard and Poor's 500 closed Monday at 7,683.92, down 59.49 points, or 0.77 percent, on volume of 2.754B. The benchmark index traded between 6,316.91 and 7,816.70 during the session, after opening at 7,724.15.
The Dow Jones Industrial Average fell to 51,481.72, shedding 346.90 points, or 0.67 percent, on volume of 433.442M. The blue-chip index ranged from 45,057.28 to 54,744.33, with an opening print of 51,780.50.
The NASDAQ Composite posted the steepest decline of the three, dropping 248.34 points, or 0.92 percent, to close at 26,820.38 on volume of 5.293B. The tech-heavy index traded between 20,690.25 and 27,288.79, after opening at 26,990.02.
British Pound Edges Higher as Most Major Currencies Slip in Monday FX Trading
The British pound was the lone gainer among major currencies on Monday, while the euro, Japanese yen, Australian dollar, Canadian dollar and Swiss franc all finished lower against the U.S. dollar.
GBP-USD edged up to 1.3256, a gain of 0.07 percent, making sterling the only major currency to advance on the day.
The euro slipped against the dollar, with EUR-USD at 1.1368, down 0.20 percent.
The Japanese yen weakened modestly, with USD-JPY at 157.39, a rise of 0.07 percent for the dollar.
The Australian dollar also fell, with AUD-USD at 0.7019, down 0.06 percent.
The Canadian dollar declined, with USD-CAD at 1.4175, up 0.23 percent for the greenback.
The Swiss franc posted the day's largest move among the majors, with USD-CHF at 0.8321, up 0.46 percent for the dollar.
Global Stock Markets End Mixed on Monday as Asia Slides, Europe Holds Steady
World stock markets closed Monday's session with a mixed performance, as sharp declines across much of Asia contrasted with a broadly flat showing in Europe.
In Canada, the S&P/TSX Composite index closed at 35,489.86, down 311.03 points, or 0.87 percent, on volume of 274.304M. It moved between 35,341.68 and 35,639.51 during the session, opening at 35,639.51.
The FTSE 100 in London finished at 10,684.88, down 10.37 points, a decline of 0.10 percent. The index traded between a low of 9,266.30 and a high of 10,989.50 during the session, with an opening price of 10,758.74.
In Europe, Germany's DAX P closed at 25,374.42, shedding 34.22 points or 0.13 percent. It moved between 21,863.81 and 26,618.74, after opening at 25,575.66.
In Paris, the CAC 40 managed a modest gain, ending at 8,078.48, up 0.68 points, or 0.01 percent. The index ranged from 7,505.27 to 8,755.03, with an opening print of 8,137.42.
The EURO STOXX 50 I slipped to 6,301.28, down 1.54 points, or 0.02 percent, trading between 5,376.81 and 6,577.20 after opening at 6,346.99.
The Euronext 100 Index rose to 1,897.36, adding 2.03 points, or 0.11 percent. Its session range was 1,643.41 to 1,984.60, with an opening level of 1,910.58.
Brussels' BEL 20 closed at 5,685.37, down 18.93 points, or 0.33 percent, having traded between 4,669.32 and 5,905.83 and opened at 5,738.81.
Asian markets were mostly weaker. In mainland China, the SSE Composite Index closed at 3,823.62, down 64.75 points, or 1.67 percent, on volume of 2.285B. It ranged from 3,741.11 to 4,258.86, opening at 3,806.67.
Japan's Nikkei 225 ended at 65,877.62, down 486.59 points, or 0.73 percent. The index traded between 44,357.65 and 72,831.73, opening at 67,034.74.
Hong Kong's HANG SENG INDEX bucked the trend, rising to 24,642.51, up 132.42 points, or 0.54 percent. It traded between 22,518.00 and 28,056.10, opening at 24,554.58.
Singapore's STI Index gained 17.90 points, or 0.31 percent, to close at 5,729.02, within a range of 4,264.99 to 5,828.50 and after opening at 5,702.36.
In Australia, the S&P/ASX 200 [XJO] added 14.70 points, or 0.17 percent, to finish at 8,679.70. It ranged from 8,262.40 to 9,296.70, opening at 8,665.00. The broader ALL ORDINARIES [XAO] rose 5.10 points, or 0.06 percent, to 8,850.70, trading between 8,454.90 and 9,474.80 after opening at 8,841.90.
Meanwhile in New Zealand, the S&P/NZX 50 INDEX GROSS rose 19.57 points, or 0.14 percent, to 13,830.68, with a range of 12,689.78 to 14,069.22 and an opening level of 13,762.53.
India's S&P BSE SENSEX fell sharply, losing 1,124.02 points, or 1.52 percent, to close at 72,771.72. The index moved between 71,545.81 and 86,159.02, opening at 72,716.23.
In Indonesia, the IDX COMPOSITE dropped 94.03 points, or 1.51 percent, to 6,147.86, within a range of 5,317.91 to 9,174.47 and after opening at 6,140.34.
Malaysia's FTSE Bursa Malaysia KLCI slipped 1.60 points, or 0.10 percent, to 1,670.02, trading between 1,597.68 and 1,771.25 and opening at 1,668.61.
In South Korea, the KOSPI Composite Index suffered the day's steepest decline, plunging 191.18 points, or 2.70 percent, to 6,889.74. Its 52-week high stood at 9,385.59.
Taiwan's TSEC CAPITALIZATION WEIGHTED ST fell 132.70 points, or 0.28 percent, to 48,024.60, moving between 25,738.31 and 48,601.53 after opening at 47,754.72.
In the Middle East, in Israel, the TA-125 declined 23.19 points, or 0.57 percent, to 4,077.21, within a range of 3,138.96 to 4,588.51 and after opening at 4,063.63.
Egypt's EGX 30 Price Return Index fell 563.00 points, or 1.06 percent, to 52,468.70, with volume of 215.104M. Its session range was 51,567.40 to 53,455.20.
In Africa, the South African Top 40 USD Net TRI Index dropped 170.68 points, or 2.51 percent, to 6,621.22, trading between 6,105.70 and 8,184.71 after opening at 6,578.51.
(This report incorporates quotes retrieved with the assistance of artificial intelligence).
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