U.S. government debt prices were mixed Wednesday morning as investors digested the first presidential debate and positive coronavirus treatment news, with a host of economic data due shortly.
Investors watched the fiery opening debate between the two presidential candidates closely, with markets looking for signs of a clear winner emerging over the course of the election cycle in order to avoid a protracted dispute after ballots are cast on Nov. 3.
President Donald Trump and Democratic nominee Joe Biden sparred on a number of issues over a chaotic and fractious 90 minutes, including their qualifications to manage the U.S. economy, the nomination of Amy Coney Barrett to the Supreme Court and the handling of the coronavirus pandemic.
Market sentiment received a boost Tuesday night after Regeneron Pharmaceuticals announced that its REGN-COV2 drug reduced viral levels and improved symptoms in non-hospitalized coronavirus patients.
Meanwhile, House Speaker Nancy Pelosi said she hoped a deal could be reached with the White House on coronavirus aid spending this week, following a meeting with Treasury Secretary Steven Mnuchin. The two plan to meet again for further talks on Wednesday.
Focus Wednesday will also shift to final second-quarter GDP (gross domestic product) growth data, due at 8:30 a.m. ET along with final second-quarter corporate profits and PCE (personal consumption expenditure) price index readings. These will follow ADP employment change figures due at 8:15 a.m. ET.
Auctions will be held Wednesday for $25 billion of 105-day Treasury bills and $30 billion of 154-day bills.
– CNBC’s Fred Imbert contributed to this report.