2017.11.1615:21:00UTC+00Treasuries Move Back To The Downside

Following the strength seen in the previous session, treasuries moved back to the downside during trading on Thursday.

Bond prices came under pressure early in the session and remained firmly negative throughout the day. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, climbed by 2.6 basis points to 2.361 percent.

The pullback by treasuries came amid strength on Wall Street following upbeat earnings news from Wal-Mart (WMT) and Cisco Systems (CSCO).

On the U.S. economic front, first-time claims for U.S. unemployment benefits unexpectedly increased in the week ended November 11th, according to a report released by the Labor Department.

The report said initial jobless claims rose to 249,000, an increase of 10,000 from the previous week's unrevised level of 239,000. Economists had expected jobless claims to edge down to 235,000.

A separate report released by the Labor Department showed U.S. import prices rose by less than expected in the month of October.

The Labor Department said import prices rose by 0.2 percent in October after climbing by 0.8 percent in September. Economists had expected import prices to increase by 0.4 percent.

Meanwhile, the report said export prices were unchanged in October after increasing by 0.7 percent in the previous month. Export prices had been expected to climb by 0.4 percent.

Growth in Philadelphia-area manufacturing activity slowed by more than expected in the month of November, according to a report released by the Federal Reserve Bank of Philadelphia.

The Philly Fed said its diffusion index for current manufacturing activity in the region dropped to 22.7 in November from 27.9 in October.

While a positive reading still indicates growth in regional manufacturing activity, economists had expected the index to show a more modest decrease to 25.0.

The Federal Reserve also released a report showing industrial production in the U.S. increased by more than anticipated in the month of October.

The report said industrial production climbed by 0.9 percent in October after rising by an upwardly revised 0.4 percent in September.

Economists had expected production to rise by 0.5 percent compared to the 0.3 percent uptick originally reported for the previous month.

Additionally, the National Association of Home Builders released a report showing an unexpected improvement in homebuilder confidence in the month of November.

The report said the NAHB/Wells Fargo Housing Market Index rose to 70 in November from 68 in October. Economists had expected the index to be unchanged.

Economic data may attract some attention on Friday, with the Commerce Department scheduled to release its report on new residential construction in the month of October.