Australian Market

Australia’s S&P/ASX 200 closed 1.7% higher as a broad-based rally lifted the benchmark to its best day since November. The property, tech and health sectors led as the index recovered a chunk of the ground lost Friday.

US Market

U.S. stocks surged, giving the S&P 500 its best day in nearly nine months, as a weekslong advance in government-bond yields stalled, easing investors’ jitters over rising interest rates.  

The broad stock market index soared 2.4%, its biggest one-session rise since June. The Dow Jones Industrial Average climbed nearly 2%, while the technology-heavy Nasdaq Composite jumped 3%. The gains marked a strong rebound after all three indexes declined last week, weighed down by losses among tech stocks.  

Stocks, and particularly shares of tech companies, have been buffeted by sharp moves in government-bond markets in recent trading sessions. Rising long-term interest rates brought by an improving economy tend to make tech and other growth stocks less attractive to investors. Shares of Apple and Tesla rose more than 5%.

Commodities

Gold futures gave up early gains to stretch losses into a fifth straight session despite a pause in the run up for Treasury yields. Consensus says the Covid-19 recovery is already here, even before the next round of stimulus checks arrive, Adrian Ash, director of research at BullionVault said.  

Gold for April delivery on Comex lost 0.3% to settle at $1,723 an ounce after trading as high as $1,757.40. Prices based on the most-active contract registered another finish at the lowest since June 2020, FactSet data show.

Oil Futures

Oil futures ended lower, as traders eyed tensions between the U.S. and Saudi Arabia, ahead of a decision this week by the Organization of the Petroleum Exporting Countries and its allies that’s expected to see a loosening of production curbs.

Phil Flynn, the senior market analyst at The Price Futures Group, attributed oil’s losses to concerns that OPEC+ will raise production, as Chinese oil demand is just starting to recover. West Texas Intermediate crude for April delivery fell 1.4% to settle at $60.64 a barrel on the New York Mercantile Exchange. May Brent crude, the global benchmark, shed 1.1%, to $63.69 a barrel on ICE Futures Europe.

Forex

European Markets

Asian Markets

Earlier Monday, Chinese stocks finished the session higher to rebound from steep losses last week. The benchmark Shanghai Composite Index added 1.2%. The Shenzhen Composite Index advanced 2.4%, while the ChiNext Price Index rose 2.8%. The recovery was led by the steel sector, with investors expecting steel prices to rise. Consumer-service providers such as tourism operators and education firms lent further support.  

The Hang Seng Index extended early gains to an end 1.6% higher, supported by improved sentiment following news of the U.S. FDA’s approval over the weekend of Johnson & Johnson’s one-shot vaccine. Tech stocks were among the best performers.  

The Nikkei Stock Average rose 2.4%, supported by especially strong gains in information-technology and electronics stocks following Friday’s 4.0% selloff.