US yields fall in choppy session as oil rises and equities sink
TLT•Treasury yields fell as equities sank and oil prices rose. The 10-year yield dropped 6.7 basis points to 4.825%, while the two-year yield fell 11.2 basis points to 4.469%.
1. Treasuries gain as stocks fall
US Treasuries drew demand on Thursday as equity indexes sank and oil prices rallied. The Nasdaq fell more than 4%, with investors concerned about returns at heavily indebted AI-related companies and the outlook for data center development.
2. Yields reach September lows
The 10-year Treasury yield fell 6.7 basis points to 4.825%, after touching its lowest level since September 9. The 30-year yield declined 3.7 basis points to 5.243%, and the two-year yield fell 11.2 basis points to 4.469%; both also touched their lowest levels since early September.
3. Jobs data and inflation concerns
Initial jobless claims fell by 6,000 to 189,000 in the week ended October 31, below economists’ forecast of 196,000. Fed officials said inflation remained above the central bank’s 2% target, while faster-than-expected third-quarter productivity growth weighed on labor costs.
