U.S. Treasury yields moved lower on Wednesday as investors turned to government bonds amid a sell-off in stock futures following projected Democratic gains in the midterm elections.
The 10-year Treasury yield was down one basis point at 4.9291%. The 30-year yield also fell one basis point, to 5.3125%, while the two-year yield declined by the same amount to 4.5996%. Bond yields and prices move in opposite directions.
Democrats were on course to win at least the House, with a Senate victory also projected, according to CNBC’s Election Desk. The Associated Press projected Democratic Senate gains in Iowa, Kansas, North Carolina, Ohio, South Carolina and Texas.
As election results came in, futures tied to the S&P 500 fell 0.34%, while Nasdaq-100 futures lost 0.46%. AI-related shares led the overnight decline amid concerns that Democratic gains could slow data center development.
Sources: CNBC Markets.