U.S. government debt yields rose Wednesday after a dramatic flight to safer assets in the prior session drove rates down across the board.
Italy's political woes have rattled global financial markets in recent sessions, amid renewed concerns over the prospect that snap elections in Rome could be framed as a de facto referendum on the country's role in Europe.
However, European markets stabilized on Wednesday after a regular Italian bond auction proved better than feared. The Stoxx Europe 600 traded flat, while Italy's FTSE MIB rallied 1.7 percent.
The euro, meanwhile, recovered much of its previous losses with a 0.8 percent climb against the greenback to $1.162. Italian bond yields, which spiked Tuesday amid the political turbulence, fell across the board Wednesday.
Hiring decelerated in May, with private companies adding 178,000 positions even amid other signs of a tightening jobs market, according to a report Wednesday from ADP and Moody's Analytics.
The number missed expectations of economists surveyed by Reuters who had forecast 190,000. Moody's Analytics and ADP also revised its April number downward to 163,000, a decline of 41,000 from the original 204,000.