Treasury yields rose slightly on Thursday after a fresh batch of economic data showed the pandemic's damage to the U.S. economy.
Another 2.123 million Americans filed first-time jobless claims last week, the Labor Department said on Thursday.
Economists surveyed by Dow Jones were expecting 2.05 million new filings. Since the pandemic was declared in mid-March, more than 40 million have filed claims.
Meanwhile, the U.S economy shrank 5% in the first quarter, versus a preliminary reading of a 4.8% decline, according to a revision from the Commerce Department. This also marked the first negative GDP reading since in the first quarter of 2014.
Investor focus also remains attuned to escalating tensions between the U.S. and China over new security laws for Hong Kong. Secretary of State Mike Pompeo told Congress on Wednesday that Hong Kong risks losing its special status with the U.S. over concerns that the laws will diminish its independence from Beijing.
Meanwhile, the U.S. House of Representatives on Wednesday overwhelmingly passed legislation calling for sanctions against Chinese officials over the detention and torture of Uighur Muslims in the country's western region of Xinjiang.
Auctions will be held Thursday for $80 billion of 4-week Treasury bills, $70 billion of 8-week bills, $40 billion of 154-day bills and $38 billion of 7-year notes.