10-year Treasury yield falls to 1.23%, hitting a new five-month low

10-year Treasury yield falls to 1.23%, hitting a new five-month low

U.S. Treasury yields continued to slide on Monday, with the 10-year benchmark rate falling to its lowest level in five months.

The yield on the benchmark 10-year Treasury note fell 7 basis points to 1.22% at around 8:20 a.m. ET. The yield on the 30-year Treasury bond slid 9 basis points to 1.84%. Yields move inversely to prices.

The fall for yields came as stock futures pointed toward a lower open on Wall Street. Stocks tied to the economic reopening were poised to open lower as investors grow concerned about the shape of the economic recovery amid hot inflation readings and the spread of Covid variants.

The 10-year Treasury yield hovered near 1.3% on Friday, with data showing that retail sales had rebounded 0.6% in June, versus a 0.4% drop expected by economists.

In terms of data due out on Monday, the National Association of Home Builders is set to release its latest survey results at 10 a.m. ET, giving consumers a glimpse into sentiment across the housing market.

Economists polled by Dow Jones expect the reading to be unchanged from the prior month at 81. Anything above 50 is considered positive sentiment.

Auctions are due to be held on Monday for $54 billion of 13-week bills and $51 billion of 26-week bills.

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