WASHINGTON (dpa-AFX) - After moving notably higher over the past few sessions, treasuries saw a significant pullback during trading on Tuesday.
Bond prices came under pressure early in the session and remained firmly negative throughout the day. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, jumped 5.8 basis points to 4.952 percent.
The pullback by treasuries may have reflected profit taking following the recent strength, which dragged the ten-year yield down to its lowest levels in well over a month.
Treasuries also gave back ground as traders kept on the results of the U.S. midterm elections, which will determine control over the House and Senate.
Recent polls have pointed to the possibility of a 'blue wave,' although its remains to be seen whether Democrats will manage to take control of both chambers of Congress.
In U.S. economic news, a report released by the Labor Department showed a bigger-than-expected increase in job openings in the U.S. in the month of September.
The Labor Department said job openings climbed to 7.523 million in September from an upwardly revised 7.190 million in August.
Economists had expected job openings to rise to 7.160 million from the 7.079 million originally reported for the previous month.
The Commerce Department also released a report showing new orders for U.S. manufactured goods surged by more than expected in the month of September.
The report said factory orders shot up by 1.8 percent in September after rising by an upwardly revised 0.3 percent in August.
Economists had expected factory orders to jump by 1.2 percent compared to the 0.1 percent uptick originally reported for the previous month.
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