Treasury yields fell on Thursday after data showed unemployment claims in the U.S. surged for a second week amid the coronavirus crisis.
The yield on the benchmark 10-year Treasury note, which moves inversely to price, was lower at 0.58% while the yield on the 30-year Treasury bond was down at 1.22%. The two-year Treasury yield hit a low of 0.202%, its lowest level since May 2013.
The number of Americans filing for unemployment benefit totaled more than 6.6 million in the week ended March 28., the Labor Department reported Thursday. That follows nearly 3.3 million filings the week prior.
Risk aversion from investors amid the deepening coronavirus crisis continued to plague Wall Street on Wednesday, sending the Dow 4.4% lower.
Four new states announced lockdown guidance on Wednesday, meaning more than 80% of Americans have now been directed to stay in their homes, according to Reuters, as the number of deaths and cases surged to new daily highs for a fourth consecutive day.
More than 216,000 cases have now been confirmed in the U.S. as of Thursday morning, with more than 5,000 deaths.
In terms of other economic data, balance of trade and import/export figures are also due at 8:30 a.m. ET.
Auctions will be held Thursday for $80 billion of 4-week Treasury bills, $60 billion of 8-week bills, and $40 billion each of 154-day and 102-day bills.