U.S. government debt prices were little changed Monday morning as investors monitored a continued surge in coronavirus cases nationwide.
The World Health Organization reported a record daily increase in new Covid-19 cases on Sunday, with 230,370 new infections over a 24 hour period. Thefor three consecutive days, bringing total cases in the country past 3.3 million, according to Johns Hopkins University. Florida on Sunday reported 15,299 new cases, by far the highest for a single state since the pandemic began.
Yields came off last week's lows Friday after Gilead announced that its antiviral coronavirus treatment candidate remdesivir showed an improvement in clinical recovery and a 62% reduction in the risk of mortality compared with standard of care. Earnings season is set to kick off this week, with major banks Citigroup, JPMorgan and Wells Fargo all set to report Tuesday.Auctions will be held Monday for $54 billion of 13-week Treasury bills and $51 billion of 26-week bills.
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