2020.03.2719:20:00UTC+00Treasuries See Further Upside Amid Lingering Coronavirus Concerns

Following the advance seen in the previous session, treasuries saw some further upside during the trading day on Friday.

Bond prices moved higher early in the session and remained firmly positive throughout the day. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, fell by 6.2 basis points to 0.749 percent.

The early weakness among treasuries came amid lingering concerns about the economic impact of the coronavirus, as the number of confirmed cases in the U.S. surpassed the number of cases in China or Italy.

According to data from Johns Hopkins University, there have been more than 94,000 confirmed coronavirus cases in the U.S. and nearly 1,500 deaths.

A report from the University of Michigan showing consumer sentiment deteriorated by much more than initially estimated in the month of March may also have increased the appeal of safe havens such as treasuries.

The report said the consumer sentiment index for March was downwardly revised to 89.1 from the preliminary reading of 95.9.

The consumer sentiment index is now down sharply from the final February reading of 101.0, reflecting the fourth largest one-month decline in nearly a half-century.

Meanwhile, bond traders largely shrugged off House passage of the massive $2 trillion stimulus bill designed to respond to the economic fallout from the coronavirus pandemic.

Republican Congressman Thomas Massie of Kentucky injected some last-minute drama, but the relief package was eventually approved by voice vote, as expected.

Next week, the Labor Department's monthly jobs report is likely to attract attention, although a lot other developments may also catch traders' eyes before the release of the data next Friday.