U.S. stocks start week with whimper, Dow Jones drops 40 points

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NEW YORK, New York – U.S, stock markets traded lower on Easter Monday, while most markets were closed for the Easter long weekend.

UK, German, and French markets were shut, as were Australia, New Zealand and Hong Kong.

U.S. stocks ran into headwinds as bond markets continued to fall on the back of rising U.S. Treausry yields

“Volatility in the bond market is simply too high right now, keeping investors that would otherwise capitalize on the recent increase in long-term bond yields on the sidelines,” Zachary Hill, head of portfolio management at Horizon Investments, told CNBC Monday.

“Until bond market volatility subsides, we expect mega cap tech and the most expensively valued growth sectors of the equity market to remain under pressure.”

The Dow Jones industrials weakened by 39.54 points or 0.11 percent to close Monday at 34,411.69.

The tech-laden Nasdaq Composite gave up 18.72 points or 0.14 percent to 13,332.36.

The Standard and Poor’s 500 inched down 0.90 of a point or 0.02 percent to 4,391.69.

The U.S. gained on the rise in yields with the euro plummetingto 1.0780 by the New York close Monday. The British pound sank to 1.3007. The Japanese yen pushed past its 20-year low to last trade at 126.96.

The Swiss franc eased to 0.9447.

The Canadian dollar traded sideways, last quoted at 1.2620. The Australian and New Zealand dollars were sold off, closing respectively at 0.7347 and 0.6725.

In Japan, the Nikkei 225 tumbled 293.48 points or 1.08 percent to 26,799.71.

China’s Shanghai Composite dropped 15.72 points or 0.49 percent to 3,195.52.

In Seoul, South Korea, the Kospi Composite let go 2.88 points or 0.11 percent to 2,693.21.