U.S. major averages rebounded, Treasury yields held steady, and crude oil prices fell. European markets closed down amid election jitters in the UK and France. The Japanese yen's weakness signals lower lows for the embattled currency. The Chinese premier reiterated the annual economic growth target and dismissed economic decoupling risks.
U.S. tech stocks took a much-needed breather after rising for two months in a row as investors rotated into energy stocks and banks. European markets closed higher, but French political turmoil weighed on the market. The Japanese yen fell to a three-decade low, testing the Bank of Japan's resolve to defend the currency.
The U.S. indexes headed higher to new highs ahead of the release of retail sales and housing market updates this week. Nvidia, Broadcom, and Apple led the advance in tech stocks. European markets attempted a rebound after sharp selloffs last week. China's improving consumer spending was overshadowed by the deepening malaise in the property sector.