The 10-year U.S. Treasury yield struggled for direction on Wednesday morning, as investors were torn between a strong earnings season and continued economic concerns.
The yield on the benchmark 10-year Treasury note stood at 1.6168% at 3:45 a.m. ET. The yield on the 30-year Treasury bond fell 1 basis point to 2.035%. Yields move inversely to prices and 1 basis point is equal to 0.01%.
Companies continued to report strong earnings in the U.S., which saw the S&P 500 notch its 70th intraday high of 2021 and 57th record close of the year.
However, worries around rising inflation, supply chain issues and a slowdown in the economy, continue to weigh on investors’ minds.
On Wednesday, durable goods orders data for September is due out at 8:30 a.m. ET.
Auctions are scheduled to be held on Wednesday for $40 billion of 119-day bills and $61 billion of seven-year notes.
— CNBC’s Pippa Stevens contributed to this market report.