Treasuries Move To The Upside Amid Sell-Off On Wall Street

(RTTNews) - After closing roughly flat for two consecutive sessions, treasuries showed a modest move to the upside during trading on Tuesday.

Bond prices moved higher in morning trading and remained positive throughout the afternoon. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, dipped 1.7 basis points to 4.089 percent.

Treasuries may have benefitted from their appeal as a safe haven amid a sell-off on Wall Street, with tech stocks under pressure amid concerns about valuations.

Palantir Technologies (PLTR) led the way lower, plunging by 9.1 percent even though the software company reported better than expected fiscal fourth quarter results and raised its revenue guidance.

The strength in bond market may also have reflected uncertainty about the state of the economy, as the ongoing government shutdown has indefinitely postponed the release of key U.S. data.

On Wednesday, payroll processor ADP it scheduled to release its report on private sector employment, which could shed light on the strength of the labor market amid uncertainty about the outlook for interest rates.

Economists currently expect the report show the private sector added 25,000 jobs in October after cutting 32,000 jobs in September.