U.S. sovereign bond prices rose on Thursday, as U.S. stocks turned lower amid a drop in the financials.
U.S. Treasury yields across the board fell, with the benchmark 10-year note yielding 1.5591 percent, having closed the previous session at 1.567 percent. Bond yields move inversely to prices.
The 14-country OPEC oil cartel agreed to seek a cut in crude production when they meet formally in November — paving the way for the first cut in oil supply since 2008. Crude oil futures rose nearly 6 percent on Wednesday on news of the deal, but pared some gains on Thursday as investors grew skeptical about the details of the agreement and how it will be enforced.
"There are the usual unanswered questions about implementation, not least regarding how the output cuts will be divvied up among members; how Iran, Nigeria and Libya might be given greater leeway to increase production without jeopardizing the deal as a whole; and how non-members such as Russia, Mexico, North American shale producers and others will respond," Emily Nicol, economist at Daiwa Capital Markets, said in a note on Thursday.
Data-wise, the third read on second-quarter GDP beat estimates, while weekly jobless claims rose less than expected. Pending home sales for August fell 2.4 percent.
U.S. Federal Reserve Chair Janet Yellen will speak in Kansas City at 4 p.m. ET at a forum on banking and the economy. Before that, Fed Governor Jerome Powell said he supported the current rate hike path and that the Fed can remain patient in normalizing rates.
Earlier, Kansas City Fed President Esther George told CNBC the most recent economic data shows continuing to move forward.
Plus, the U.S. Presidential race will be in focus, following media speculation that a company owned by Republican candidate, Donald Trump, violated the Cuban trade embargo in the 1990s.