After ending the previous session nearly unchanged, treasuries moved to the downside during the trading day on Thursday.
Bond prices fluctuated after an initial drop but remained firmly negative throughout the session. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, rose by 4 basis points to 1.676 percent.
With the increase on the day, the ten-year yield extended a recent upward trend, reaching its highest closing level in five months.
The weakness among treasuries came following the release of a report from the Labor Department showing first-time claims for U.S. unemployment benefits unexpectedly edged lower in the week ended October 16th.
The Labor Department said initial jobless claims slipped to 290,000, a decrease of 6,000 from the previous week’s revised level of 296,000.
The modest decrease surprised economists, who had expected jobless claims to inch up to 300,000 from the 293,000 originally reported for the previous week.
With the unexpected dip, jobless claims once again fell to their lowest level since hitting 256,000 in the week ended March 14, 2020.
The National Association of Realtors also released a report showing existing home sales rebounded by much more than expected in the month of September.
NAR said existing home sales spiked by 7.0 percent to an annual rate of 6.29 million in September after slumping by 2.0 percent to a rate of 5.88 million in August. Economists had expected existing home sales to jump by 3.6 percent to a rate of 6.09 million.
Existing home sales reached their highest annual rate since January but were still down by 2.3 percent compared to the same month a year ago.
Amid a quiet day on the U.S. economic front, trading on Friday may be impacted by reaction to remarks by Federal Reserve Chair Jerome Powell.