US Treasury yields mixed ahead of midterm elections, jobs data and major corporate earnings

US Treasury yields saw mixed movements on Monday, November 2, as market participants prepared for a flurry of economic data, corporate earnings releases, and the upcoming US midterm elections. Investors closely monitored these developments to gauge the direction of the US economy and financial markets.

The 10-year Treasury yield dipped by 1 basis point to 4.914%, while the 30-year yield decreased by around 2 basis points to 5.284%. Conversely, the 2-year Treasury yield rose by 1 basis point to 4.589%, indicating differing trends between shorter-term and longer-term US government bond yields.

Other Treasury yields also experienced mixed trends, such as the 1-month yield increasing by 0.016 percentage points to 3.992% and the 1-year yield rising by 0.054 percentage points to 4.408%. Shorter-term yields like the 3-month and 6-month Treasury yields also rose by 0.033 and 0.036 percentage points, respectively, reaching 4.113% and 4.29%.

Investors were also keeping a close eye on oil prices, which fell sharply in response to developments in the US-Iran conflict and hopes for a diplomatic resolution. US Secretary of State Marco Rubio suggested that President Donald Trump aimed to resolve the tension through diplomatic efforts.

The upcoming US employment data, including the Job Openings and Labor Turnover Survey (JOLTS) on Tuesday and ADP employment figures on Wednesday, will provide further insights into the health of the American labor market and businesses' hiring decisions. The week will conclude with the eagerly anticipated October nonfarm payrolls report on Friday, which will shed light on job creation across the US economy, excluding farm workers.