U.S. Treasury yields rose Wednesday as investors continue to monitor developments on the omicron Covid variant.
The yield on the benchmark 10-year Treasury note gained 3.8 basis points at 1.519% by 9:04 a.m. ET, while the yield on the 30-year Treasury bond fell 4 basis points to 1.942%. Yields move inversely to prices and 1 basis point is equal to 0.01%.
The U.S. has recorded more than 4.1 million Covid cases this month, according to Johns Hopkins University data. That compares with November’s tally of 2.54 million. The country’s seven-day case average tallies at 231,888, more than triple the mean from Nov. 27.
However, investors have been encouraged by some positive news on the omicron Covid variant.
The Centers for Disease Control and Prevention announced on Monday that it was shortening its isolation recommendation for people who test positive to five days from 10 if those people do not have symptoms.
Research out of South Africa indicated that omicron infections can help boost immunity to the earlier delta strain of Covid.
A few studies in South Africa, Scotland and England also suggested that people infected with the omicron coronavirus variant were less likely to be admitted to hospital than if they contracted other strains.
On the data front Wednesday, advance economic indicators are out at 8:30 a.m. ET while pending home sales for November will be released at 10 a.m. ET.
—CNBC’s Jessica Bursztynsky and Holly Ellyatt contributed to this article.
