U.S. Treasury yields slid Tuesday for a third straight day, amid signs that positioning for higher yields had become extreme, setting the stage for a snap-back.
Those signs amplified fundamental concerns about the potential impact on global growth of new Covid lockdowns in China, against the backdrop of interest-rate increases by the Federal Reserve and other central banks. Concerns were underscored by weakness in equities ahead of earnings reports from Microsoft Corp. and Google parent Alphabet Inc. after the bell. The S&P 500 declined 2.8% and closed just above this year’s low set in March.
Michael MacKenzie | Yahoo! Finance