WASHINGTON (dpa-AFX) - Following the modest advance seen in the previous session, treasuries saw further upside in early trading on Tuesday but gave back ground over the course of the day.
Bond prices pulled back well off their best levels of the day but still managed to close slightly higher. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, edged down 1.0 basis point to 4.123 percent after hitting a low of 4.085 percent.
Treasuries initially benefitted from their appeal as a safe haven amid global stock market weakness amid rising concerns about an AI bubble.
Buying interest waned over the course of the session, however, as stocks on Wall Street climbed well off their worst levels after an early slump.
Traders were also looking ahead to the release of some U.S. economic data that was delayed by the government shutdown, including the September jobs report on Thursday.
On the U.S. economic front, the Commerce Department released a report showing a significant rebound by new orders for U.S. manufactured goods in the month of August.
The report said factory orders jumped by 1.4 percent in August after tumbling by 1.3 percent in July. The rebound was in line with economist estimates.
A separate report released by the National Association of Home Builders showed homebuilder confidence in the U.S. has unexpectedly seen a modest improvement in the month of November.
The report said the NAHB/Wells Fargo Housing Market Index crept up to 38 in November after jumping to 37 in October.
While a reading below 50 still signifies less optimism among builders, the uptick surprised economists, who had expected the index to come in unchanged.
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