10-year Treasury yield heads for weekly decline as coronavirus crisis deepens

U.S. government debt prices were higher Friday as the total number of global coronavirus cases surpassed 1 million.

The yield on the benchmark 10-year Treasury note sank to 0.601% while the yield on the 30-year Treasury bond was also lower at 1.239%. Bond yields move inversely to prices.

The number of confirmed COVID-19 cases worldwide topped 1 million Thursday night, with the total death toll rising to more than 53,000. The U.S. recently surpassed China as the country with the most reported cases in the world.

The fall in U.S. yields comes as investors are fleeing stocks, with European shares declining in early trade and U.S. futures pointing to declines. Fears over the impact of COVID-19 on the global economy have weighed heavily on investor sentiment.

Investors will be watching out for fresh economic data Friday, with nonfarm payrolls due at 8:30 a.m. ET and services PMIs expected at 9:45 a.m. ET.

Numbers released earlier in the week showed that over 6.65 million people in the U.S. filed for unemployment benefits last week.

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