U.S. government debt prices were little changed Monday morning as investors monitored a continued surge in coronavirus cases nationwide.
At around 1:50 a.m. ET, the yield on the benchmark 10-year Treasury note edged up to 0.6348% and the yield on the 30-year Treasury bond hovered fractionally above the flatline at 1.3276%. Yields move inversely to prices.
The World Health Organization (WHO) reported a record daily increase in new Covid-19 cases on Sunday, with 230,370 new infections over a 24 hour period. The U.S. has reported more than 60,000 new cases for three consecutive days, bringing total cases in the country past 3.3 million, according to Johns Hopkins University. Florida on Sunday reported 15,299 new cases, by far the highest for a single state since the pandemic began.
Yields came off last week’s lows Friday after Gilead announced that its antiviral coronavirus treatment candidate remdesivir showed an improvement in clinical recovery and a 62% reduction in the risk of mortality compared with standard of care.
Earnings season is set to kick off this week, with major banks Citigroup, JPMorgan and Wells Fargo all set to report Tuesday.
There are no major economic data releases scheduled for Monday.
Auctions will be held Monday for $54 billion of 13-week Treasury bills and $51 billion of 26-week bills.