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10-year Treasury yield falls below 5% as stocks sell off
CNBC reported Thursday that the 10-year U.S. Treasury yield dropped more than 17 basis points to 4.972%, its first close below 5% since Sept. 23.
- New headline Was: “10-year Treasury yield tumbles below 5% to lowest level in nearly a month”
- Our desk filed its story
The yield on the 10-year U.S. Treasury note fell more than 17 basis points to 4.972% on Thursday, dropping below 5% for the first time since Sept. 23, CNBC reported1.
CNBC said it was the 10-year's largest one-day decline since March 10, 2023, as investors bought government bonds during a stock sell-off tied to the artificial-intelligence trade and a rise in oil prices1. The 2-year yield, which tracks expected Federal Reserve policy, fell more than 16 basis points to 4.659%, and the 30-year yield was more than 14 basis points lower at 5.296%1.
Mitch Goldberg, president of ClientFirst Strategy, told CNBC, "It is a flight to safety"1. Larry Holzenthaler of Catalyst Funds said Treasurys were again being treated as a haven amid weakness in technology stocks, Middle East risk and higher oil, according to the report1.
CNBC said the rebound in bond prices this week followed questions about large spending on AI infrastructure1. Nvidia CEO Jensen Huang told CNBC on Thursday that demand for specialized AI cloud providers, which the network called neoclouds, was strong while capital was scarce1.
Earlier this month, CNBC said, 10- and 30-year yields had reached their highest levels in more than two decades amid inflation and energy-price concerns1. West Texas Intermediate futures closed up 2.39% at $99.47 a barrel on Thursday, the report said1.
