U.S. sovereign bond prices fell in choppy trading Wednesday, as stocks rose even after a slew of data fueled concern about U.S. and global growth ahead of the jobs report Friday.
The U.S. 10-year yield, which moves inversely to the bond's price, fell briefly below 1.8 percent at 1.793 percent, a near 1-year low, but recovered to about 1.88 percent. Safe-haven buying has continued to weigh on yields.
Meanwhile, the longer-dated 30-year yield rose to about 2.70 percent after finishing at 2.678 percent in the previous session.
Major data releases due on Wednesday include the U.S. services sector report and the ADP employment report, ahead of Friday's comprehensive labor market report.
The private payrolls data showed Wednesday morning that job growth in the private sector slowed a bit in January, though not as sharply as Wall Street expected.
The ISM nonmanufacturing index showed the U.S. economy's service sector expanded in January but at a slower pace than the previous month, in a report that missed expectations.
"Despite the resilience in U.S. macro fundamentals and what seems to be the early stages of a bottoming process in U.S. manufacturing, markets continue to be pulled along by the wiggles in the oil market," said chief U.S. economist at RBC Capital Markets, Tom Porcelli.
"Insofar as oil is an expression of global demand realities (i.e. global growth slowing etc.), the risk-off flavor that continues to permeate financial markets is understandable. But the reality is that in the U.S. we continue to decouple from fundamentals at an increasing rate. US 10-year yields trading back below 2 percent is a testament to this," he added.
Oil futures rose despite the EIA reporting a 7.8M barrel crude stock build.
Brent for April delivery was up $1.67 cents at $34.39 a barrel, after settling down $1.52, or 4.4 percent.
U.S. crude, also known as West Texas Intermediate (WTI), rose 8.03 percent to $32.28 a barrel after ending the previous session down $1.74, or 5.5 percent.
— CNBC's Jeff Cox, Tom DiChristopher and Reuters contributed to this report.