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Treasury yields move higher on coronavirus drug hopes, China data

On Thursday, long-dated Treasury yields dropped on the back of new unemployment data. Another 5.25 million Americans applied for unemployment benefits last week showing how the coronavirus shutdowns are hitting the economy.

Investors seem to be flocking back into stocks Friday morning following a report that a drug from Gilead Sciences was showing effectiveness in treating the coronavirus. Traders were also digesting data news out of China, which showed the economy contracted by 6.8% in the first quarter. 

Friday’s data calendar is relatively thin with only March’s Leading Economic Index due at 10 a.m. ET. St. Louis Fed President James Bullard is due to speak via a webcast at 9 a.m. ET.

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