WASHINGTON (dpa-AFX) - Following the lackluster performance seen in the previous session, treasuries moved to the downside during trading on Wednesday.
Bond prices regained some ground after a late-morning slump but remained in negative territory. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, rose 2.4 basis points to 4.422 percent.
With the increase on the day, the ten-year yield regained some ground after edging down to a three-month closing low on Tuesday.
The lower close by treasuries came after the Treasury Department revealed this month's auction of $42 billion worth of ten-year notes attracted well below average demand.
The ten-year note auction drew a high yield of 4.255 percent and a bid-to-cover ratio of 2.35, while the ten previous ten-year note auctions had an average bid-to-cover ratio of 2.58.
The bid-to-cover ratio is a measure of demand that indicates the amount of bids for each dollar worth of securities being sold.
A rally on Wall Street also weighed on treasuries, with Apple (AAPL) leading the way higher following reports the tech giant will announce plans to invest another $100 billion to expand its U.S. operations during a White House event later today.
'Today's announcement with Apple is another win for our manufacturing industry that will simultaneously help reshore the production of critical components to protect America's economic and national security,' White House spokesperson Taylor Rogers said in a statement to CNN.
Trading on Thursday may be impacted by reaction to reports on weekly jobless claims and labor productivity and costs.
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