Treasury yields are moving higher
Market Action: Treasury yields are moving higher, erasing overnight gains, after the tight claims data. Bonds have lost ground of late as the amid more support for the Fed's "high-for-longer" stance. The solid Nvidia earnings news after the bell yesterday and the subsequent rally in equity futures is also pulling cash out of bonds. The 2-year yield is now 1.5 bps higher at 4.884% after trading as rich as 4.856% overnight. The 10-year rate is up 1.6 bp at 4.437% versus its 4.402% intraday low. Wall Street futures are solidly in the green with the NASDAQ surging 1.2%, while the S&P 500 and the Dow are up 0.69% and 0.16%, respectively. The DXY has stumbled for the first time this week, falling to 104.654 and is down against all its G10 peers amid various cross-currents. Gold is down -0.67% to $2362.96 per ounce as Fed rate cuts remain months away. Crude oil is rallying 1.1% to $78.43 per barrel.
