U.S. government debt prices were higher Thursday morning as investors look ahead with trepidation to U.S. jobless claims data amid widespread coronavirus lockdowns.
A two-day risk asset rally ran out of gas on Wednesday and stock futures pointed to opening losses on Thursday, with national initial jobless claims data released later in the day expected to show a substantial spike due to nationwide business closures.
The Senate approved a $2 trillion fiscal stimulus package Wednesday night in a bid to shore up the economy as the coronavirus pandemic continues to spread, with more than 69,000 cases now confirmed in the U.S. and more than 1,000 deaths, according to Johns Hopkins University.
The much-feared initial jobless claims figures are due at 8:30 a.m. ET along with fourth-quarter GDP growth, PCE (personal consumption expenditure) inflation data and corporate profits, and February’s goods trade balance and wholesale inventories numbers.
Auctions will be held Thursday for $60 billion of 4-week Treasury bills, $50 billion of 8-week bills and $32 billion of 7-year notes.