April trade data, initial jobless claims

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April trade data, initial jobless claims

U.S. Treasury yields stabilized on Thursday after sharp declines notched Wednesday on the back of a slate of disappointing U.S. data.

The 2-year yield rose less than 1 basis point to 3.885% at 3:26 a.m. EST, with the 10-year Treasury yield also up by less than 1 basis point at 4.371%. The 30-year long bond yield held steady at 4.89%.

One basis point equals 0.01%. Yields and prices move inversely in the bond market.

Investors will be keeping an eye out on April trade data and on the latest initial jobless claims print coming out later on Thursday, after a set of weak indicators sent Treasury yields on a steep tumble during the previous session. The 10-year bond yield eased by more than 10 basis points on Wednesday.

The services sector activity weakened unexpectedly in May to 49.9%, slipping just below the threshold that separates expansion from contraction and missing the Dow Jones forecast of 52.1%

Similarly, private sector payrolls increased by only 37,000 in May, falling significantly short of a Dow Jones estimate of 110,000. The disappointing figure heightened investor concerns about a weakening labor market and its potential economic fallout.

Despite the forecast misses, the latest numbers are not “so bad” as to revive fears about a recession in the world’s largest economy, Deutsche Bank wrote in a research note published Thursday.

Later this week, traders will also be keeping an eye on May’s non farm payrolls and unemployment rate, due out on Friday.

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#April #trade #data #initial #jobless #claims

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