US Treasurys flat amid commodity turmoil, earnings

U.S. sovereign bond prices were little changed on Wednesday as oil price weakness caused severe selling in copper and global equities.

The 10-year Treasury note yield was flat at 1.8914 percent after closing at 1.89 percent on Tuesday. It comes ahead of the Federal Reserve's Beige Book on current economic conditions due 2pm ET and a $13-billion auction of 30-year bonds.

US 10-YR
US 30-YR

The 10- year yield is moving closer to levels seen in October's bond "flash crash," when it dropped 35 basis points in one day before retracing losses in the same session.

Falling oil prices continue to weigh on global equity markets. On Tuesday, the commodity fell near six-year lows, extending losses after trading lower for seven straight weeks. Meanwhile, copper prices also hit five-and-a-half-year lows overnight, leading to some severe selling in miners.

Other data due on Wednesday includes December retail sales data at 08:30 am ET, which are likely to show a marginal overall decline on the month, held back by weaker vehicle and gasoline sales.

Federal Reserve Bank of Philadelphia President Charles Plosser is also scheduled to deliver a speech on the economy in Philadelphia.

Wednesday also marks the first day of major bank earnings, withJPMorgan Chase and Wells Fargo set to report ahead of market open. Other companies due to release earnings include Shaw Communications, with Clarcor and Greif due after the bell.