U.S. government debt prices slipped on Friday, as investors processed the news that Theresa May's Conservative party had failed to secure a majority in the general election and that the country would be facing a hung parliament.
The yield on the benchmark 10-year Treasury note sat higher at around 2.197 percent at 2:53 p.m. ET, while the yield on the 30-year Treasury bond traded near 2.853 percent. Bond yields move inversely to prices.
Treasurys
With limited data and events coming out of the U.S. on Friday, investors are expected to turn their attention overseas for their cues. One topic expected to dominate sentiment on Friday is that of the U.K. election outcome.
As voting results rolled out on Friday morning, it became apparent that the U.K. Prime Minister's Conservative party didn't secure a majority in the snap election – which had been called earlier this year with the hope of strengthening the party's position in parliament.
Since no party secured an outright majority, Britain is facing a hung parliament. That means multiple parties have to work together to hammer out a coalition government. This can also delay, or hurt, upcoming Brexit negotiations, as well as affect May's political future.
The news added pressure to the pound on Friday, which sank to a session low of $1.2632. It has since recovered some losses yet remains under pressure.
Meanwhile, oil prices were eking out slight gains on Friday, however, sentiment was capped as concerns of a glut in the market weighed on sentiment.
Elsewhere, investors digested wholesale trade data, which showed a 0.5 percent decline for April. No auctions are set to take place by the U.S. Treasury on Friday.