U.S. Treasury yields were little changed on Friday as investors remained on edge about the rising daily new coronavirus cases in the U.S. and globally.
The yield on the benchmark 10-year Treasury note fell to 0.822% at 5:14 a.m. ET, while the yield on the 30-year Treasury bond dipped to 1.597%. Yields move inversely to prices.
Coronavirus cases globally reached a single-day record of 500,000 on Thursday. Meanwhile, The U.S. continued to set new highs for Covid-19 infections this week, with Thursday marking a record 88,521 daily new cases. Hospitalizations are also climbing in 41 states.
On the data front, U.S. consumer spending topped estimates for September. The Commerce Department said on Friday that spending rose 1.4% last month, while analysts forecast growth of 1%, according to Refinitiv.
Investors also digested better-than-expected third-quarter economic data from the U.S. on Thursday. The country’s GDP (gross domestic product) rose by 33.1% in the third quarter, higher than the forecasted 32% growth.
