Treasury yields inch higher as investors tentatively rotate back into stocks

Treasury yields climbed on Friday morning, with investors selling out of government bonds and tentatively buying back into stocks.

The yield on the benchmark 10-year Treasury note rose less than a basis point to 2.8641% at 4:40 a.m. ET. The yield on the 30-year Treasury bond moved less than a basis point higher 3.0721%. Yields move inversely to prices and 1 basis point is equal to 0.01%.

Stock markets have had a turbulent week, with the S&P 500 on the brink of falling into bear territory. That’s led investors to seek a safe haven in Treasurys, pushing yields lower.

Inflation has already weighed on investor sentiment for some time, but earnings from retailers this week has sparked concerns that pricing pressures are starting to show in how consumers are spending.

However, global markets climbed in early trading on Friday, in an attempt to recover some of the ground lost this week.

There are no major economic data releases or auctions scheduled for Friday.