Treasury yields dipped on Friday as investors digested a continuous rise in new coronavirus cases in the U.S.
The yield on the benchmark 10-year Treasury note was lower around 0.599% in early trading, while the yield on the 30-year Treasury bond slipped to around 1.2975%. Bond yields fall as their prices rise.
Data on Friday showed U.S. consumer sentiment dipped in the early part of July amid a continuing rise in new coronavirus cases. The University of Michigan's consumer sentiment index came in at 73.2 for July, a decline from 78.1 in June. Economists polled by Dow Jones were expecting a small rise to 79
The U.S. reported over 77,000 new cases of Covid-19 on Thursday, a new record high, and close to 1,000 additional deaths, according to calculations by Reuters. The country has reported the highest number of coronavirus cases in the world — over 3.5 million to date — and more than 590,000 deaths, according to data compiled by Johns Hopkins University.
The news appeared to weigh on risk sentiment, as more businesses look likely to shut up shop — at least temporarily — as the virus' spread looks set to continue.
On Thursday, data showed retail sales beat forecasts rising by 7.5% last month, however initial weekly jobless claims rose by 1.3 million in the week ending July 11, above expectations.
There are no major economic releases or Treasury auctions scheduled today.