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10-year Treasury yield surges above 1.50% after 'awful' debt auction

The benchmark Treasury note jumped above 1.50% on Thursday afternoon after investors showed tepid demand for $62 billion of 7-year notes. The 10-year note yield climbed 15 basis points to 1.54%. Bond prices move in the opposite direction of yields. Peter Boockvar, chief investment officer at the Bleakley Advisory Group, described the 7-year note auction results as "awful," after it tailed by 4.2 basis points, the most in the auction's history. The tail is the gap between the highest yield the Treasury sold in the auction and the yield before the auction began. Analysts have cited the 1.50% level as a key threshold for the bond market that could portend trouble for U.S. equities. 1:18 p.m. Feb. 25, 2021

10-year Treasury rate briefly passes S&P 500 dividend yield

Benchmark Treasury yields on Thursday briefly broke through a key line in the sand that investors say could start to present trouble for record-high U.S. equities. The 10-year note rose as high as 1.49%, before settling down to 1.46% on Thursday. In its climb higher, the benchmark maturity passed the S&P 500's average dividend yield of 1.48%. That could raise the relative attractiveness of U.S. government bonds to the expense of high dividend-paying sectors like utilities. If long-term bond yields persist above the dividend rates paid out by major U.S. corporations, analysts have said it could add to concerns around elevated valuations in the stock market. The S&P 500 is down 0.9%, leaving it on pace for a 0.4% loss for the week. 11:28 a.m. Feb. 25, 2021

5-year Treasury note yield hits 0.75% as rate-hike bets accelerate

Shorter-term Treasury yields were on the move on Thursday as the U.S. government bond market came under assault this week. The 5-year Treasury note yield was up 13 basis points to around 0.76%. Bond prices move in the opposite direction of yields. the 10-year note yield rose 8.4 basis points to 1.473%. Investors are closely eyeing the movements of the 5-year note as it roughly overlaps with the timetable for when the Federal Reserve is expected to carry out its first rate hikes since the pandemic. A higher 5-year note rate would signify bond traders are pricing in more monetary tightening as reflation fears gain ground. 11:24 a.m. Feb. 25, 2021

U.S. Markets Headlines

Dow gains over 420 points to hit new all-time high after Powell testimony

U.S. stocks rose sharply on Wednesday as Federal Reserve Chairman Jerome Powell said the central bank's focus was on supporting the U.S. economy and employment. The S&P 500 rose 44 points, or 1.1%, to end around 3,925. The Dow Jones Industrial Average gained 425 points, or 1.4%, to end near 31,962, based on preliminary numbers. The Nasdaq Composite rose 133 points, or 1%, to finish around 13,598. Like Powell, other senior Fed officials including Lael Brainard and Richard Clarida both sounded dovish on Wednesday, underlining the central bank's willingness to keep policy accommodative. Intuit Inc. shares rose 3.5% after the financial-services company reported fiscal second-quarter results late Tuesday.

4:02 p.m. Feb. 24, 2021
Democratic Concerns Over Minimum-Wage Hike Complicate Covid Aid Bill

Concerns from Democrats over the minimum-wage provision included in President Biden’s $1.9 trillion coronavirus relief package could force changes. WSJ’s Gerald F. Seib explains. Photo illustration: Laura Kammermann video content

7:00 a.m. Feb. 24, 2021
30-year 'real' yield turns positive, pointing to specter of higher borrowing costs

The 30-year yield for a Treasury inflation-protected security turned positive for the first time since last June on Friday, a sign that investors are anticipating a tightening of financial conditions as the economy recovers. Negative real, or inflation-adjusted, yields were seen as a result of the Federal Reserve's accommodative monetary policy. Higher real yields therefore speak to concerns the economy may face rising borrowing costs at a time when the pandemic is continuing to hamper growth and afflict the finances of households.

11:31 a.m. Feb. 19, 2021
Stocks open higher as Wall Street looks to limit weekly losses

U.S. stocks rose at the start of Friday's session as markets looked to bounce back from a turbulent holiday-shortened week that saw investors rattled by weak labor-market data and worries over higher borrowing costs. The S&P 500 rose 0.3% to 3,924. The Dow Jones Industrial Average advanced 40 points, or 0.1%, to 31,533. The Nasdaq Composite gained 0.5% to 13,930. Investors are keeping their eyes on Washington, after Treasury Secretary Janet Yellen repeated her calls for lawmakers to go big on a new stimulus package. Shares of Deere & Co. jumped after the construction, agriculture and turf care equipment maker reported big profit and revenue beats for the fiscal first quarter.

9:32 a.m. Feb. 19, 2021
Four Reasons Why Biden Isn’t Rushing Into Trade Negotiations

President Biden signed dozens of executive orders in his first few weeks in office, but his administration has moved slowly on trade. WSJ’s Gerald F. Seib explains why. Photo illustration: Laura Kammermann video content

5:30 a.m. Feb. 19, 2021
Congress Questions Top Executives in GameStop Frenzy

Executives of Robinhood and other companies testified before Congress Thursday after January’s trading frenzy involving GameStop and other securities raised concerns about the integrity of the U.S. stock market and the rules that govern it. Photo illustration: Ang Li video content

7:36 p.m. Feb. 18, 2021
What Regulators Are Looking Into With the GameStop Frenzy

The recent trading volatility of GameStop and other stocks has prompted scrutiny of key players in the saga. Probes into potential wrongdoing are centered on actions taken by both brokerages and users on social media forums. WSJ explains what regulators are looking into and why this situation is so unique. Illustration: Jacob Reynolds video content

10:08 a.m. Feb. 18, 2021
Dow tumbles 200 points at open as elevated bond yields threatens investor optimism

U.S. stock-market benchmarks fell at the start of Thursday's session as the specter of higher borrowing costs weighed on investor sentiment. The S&P 500 slipped 0.7% to 3,902. The Dow Jones Industrial Average retreated 210 points, or 0.7%, to 31,402. The Nasdaq Composite fell 1.2% to 13,794. Some weak economic data arrived in the morning as new applications for U.S. unemployment benefits rose in mid-February to a four-week high of 861,000. Hopes of reflation have lifted bond yields but are now sparking jitters among investors who feel record-high equities are vulnerable to a pullback. The 10-year Treasury note yield was up 0.7 basis point to 1.306%, around its highest level since last February.

9:32 a.m. Feb. 18, 2021

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