Treasury yields fall with traders cautious on potential coronavirus treatment


U.S. Treasury yields fell on Friday morning as traders looked ahead to fresh economic data and digested a report that raised doubts over a possible coronavirus treatment.

At around 2:30 a.m. ET, the yield on the benchmark 10-year Treasury note, which moves inversely to price, was lower at around 0.5945%, while the yield on the 30-year Treasury bond was lower at 1.1718%.

Risk sentiment took a hit late on Thursday after a report in the Financial Times, citing documents accidentally published by the WHO, said that drug remdesivir from Gilead had failed to improve patients’ conditions. 

Gilead noted that study was “terminated early due to low enrollment,” leaving it “underpowered to enable statistically meaningful conclusions. As such, the study results are inconclusive.”

On the data front Friday, traders will be looking at durable goods figures out at 8:30 a.m. ET and a final April consumer sentiment index at 10 a.m. ET. 

On Thursday, new data showed that jobless claim filings continued at a historically unprecedented pace last week with 4.4 million new signups for unemployment insurance.

Elsewhere, American Express and Version will be two major firms reporting earnings on Friday morning.

— CNBC’s Fred Imbert contributed to this report.

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