The 10-year Treasury yield fell on Tuesday as investors looked ahead to a slew of economic data this week.
The benchmark 10-year Treasury yield declined more than 4 basis points to 4.17%. The 2-year Treasury yield was also down by more than 2 basis points at 3.658%.
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WATCH HEREOne basis point is equivalent to 0.01%. Yields and prices move in opposite directions.
The move comes amid weakening investor confidence in U.S. assets and the sell-off that ensued after U.S. President Donald Trump's announcement of high tariffs on imported goods on April 2.
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SIGN UP "Evolving market perceptions of the trajectory of the U.S. economy and policymaking are taking the global economy and markets to unprecedented levels of uncertainty," Morgan Stanley wrote in a recent note.
Traders are keeping a close eye on trade developments, looking for any escalation of tensions between the U.S. and China. U.S. Treasury Secretary Scott Bessent on Monday emphasized China's responsibility to reach a trade agreement.
"It is up to China to de-escalate because they sell five times more to us than we sell to them, and so these 120%, 145% tariffs are unsustainable," Bessent said on CNBC's "Squawk Box."
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The market will also move to assess the state of the U.S. economy from a number of economic reports due out this week.
The Bureau of Labor Statistics reported on Tuesday that the Job Openings and Labor Turnover Survey reading for March showed available postings at 7.19 million, below the 7.5 million that economists polled by Dow Jones had estimated. That's also down from the revised tally of 7.48 million in February. Consumer confidence also came in weaker than expected in April, the Conference Board reported.
On Wednesday, investors will get first-quarter gross domestic product data, March figures for both personal income and consumer spending as well as the personal consumption expenditures price index. ADP also releases its April employment survey containing estimates of private sector job growth.
April's Institute for Supply Management manufacturing survey is slated for release on Thursday, followed by the Labor Department's nonfarm payrolls data for April on Friday morning.
