U.S. Treasury yields were mixed early Monday as investors gear up for another busy week of economic data and corporate earnings, as well as the midterm elections.
The 10-year Treasury was down by 1 basis point in early trade, last seen at 4.914%. The 30-year Treasury yield eased by around 2 basis points, to 5.284%, while the 2-year Treasury yield rose by 1 basis point to 4.589%.
One basis point is equal to 0.01%, and yields and prices move in opposite directions.
Traders were monitoring a sharp decline in oil prices on Monday , after Secretary of State Marco Rubio said that President Donald Trump would like to resolve the Iranian war "diplomatically."
This year has seen a strong correlation between upward moves in oil and bond yields, a trend which fell away in October as attention appeared to move to AI and Big Tech.
Treasurys were boosted on Friday by a massive sell-off in equities , led by technology stocks, that led investors to seek safe havens. The health of the tech sector will remain in focus with earnings out from Apple and Qualcomm ahead.
It is a busy week ahead for employment market data, with JOLTS job openings for September on Tuesday, ADP employment figures on Wednesday, productivity and jobless claims on Thursday and October nonfarm payrolls on Friday.
Wednesday will see the U.S. Treasury set out its planned auction sizes for notes and bonds.
All eyes will also be on the results of Tuesday's midterm elections and what it will mean for Congress's spending plans and priorities.
