WLTW

Willis Towers Watson Public Limited Company

231.56
USD
-1.19%
231.56
USD
-1.19%
197.63 271.87
52 weeks
52 weeks

Mkt Cap 28.85B

Shares Out 124.61M

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Treasuries Give Back Ground Amid Strength On Wall Street

(RTTNews) - After trending higher over the past few sessions, treasuries moved gave back some ground during the trading day on Monday. Bond prices came under pressure in morning trading and remained firmly negative throughout the afternoon. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, climbed 7.2 basis points to 2.859 percent. The ten-year yield closed higher for the first time in four sessions after ending last Friday's trading at its lowest closing level in almost a month. The pullback by treasuries came as traders cashed in some of the recent strength among bonds amid a rebound on Wall Street. Stocks showed a strong move to the upside during the day after seeing considerable volatility over the past few sessions. The strength on Wall Street came as traders continued to pick up stocks at reduced levels, extending the recovery seen late in the trading session last Friday. The S&P 500 climbed well off its worst levels to end the day roughly flat after tumbling more than 20 percent from January's record closing high, which is seen as signaling a bear market. Buying interest may also have been generated in reaction to news the financial hub of Shanghai has lifted some of its COVID-19 restrictions and U.S. President Joe Biden said he was weighing cutting tariffs on Chinese goods. "I am considering it. We did not impose any of those tariffs. They were imposed by the last administration and they're under consideration," Biden said. Banking stocks have helped to lead the rebound on Wall Street, with JPMorgan Chase (JPM) surging after the financial giant said a key performance target may be achieved this year. Looking ahead, trading on Tuesday may be impacted by reaction to a report on new home sales as well as remarks by Federal Reserve Chair Jerome Powell. Bond traders are also likely to keep an eye on the results of the Treasury Department's auction of $47 billion worth of two-year notes. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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