Treasury yields mixed ahead of new jobless claims

U.S. government debt prices were mixed Thursday morning as investors digest a volatile week for oil prices and await figures on last week’s initial jobless claims.

At around 2:35 a.m. ET, the yield on the benchmark 10-year Treasury note was fractionally higher at 0.6235% and the yield on the 30-year Treasury bond was slightly lower at 1.2129%. Yields move inversely to prices.

Jobless claims for the week ending April 17 are due at 8:30 a.m. ET, with the coronavirus pandemic continuing to send unemployment skyrocketing.

The previous week, 5.245 million Americans filed for unemployment, bringing the crisis total to just over 22 million, nearly wiping out all the job gains since the Great Recession.

Violent fluctuations in oil prices have held markets hostage this week as a demand collapse due to the coronavirus and persistent oversupply keep pressure on crude.

April’s flash Markit PMI (purchasing managers’ index) readings are also due at 8:25 a.m. ET.

Auctions will be held Thursday for $90 billion of 4-week Treasury bills, $70 billion of 8-week bills and $17 billion of 5-year TIPS.