Treasuries Close Roughly Flat After Seeing Early Weakness

(RTTNews) - After moving to the downside early in the session, treasuries regained ground over the course of the trading day on Wednesday.

Bond prices climbed well off their early lows before ending the day roughly flat. The yield on the benchmark ten-year note, which moves opposite of its price, ended the day unchanged at 4.293 percent.

The early weakness among treasuries came amid easing tensions in the Middle East following yesterday's news of the ceasefire between Israel and Iran.

However, treasuries regained ground following the release of a Commerce Department report showing a substantial pullback by new home sales in the U.S. in the month of May.

The Commerce Department said new home sales plunged by 13.7 percent to an annual rate of 623,000 in May after spiking by 9.6 percent to a revised rate of 722,000 in April.

Economists had expected new home sales to tumble by 7.1 to an annual rate of 690,000 from the 743,000 originally reported for the previous month.

Trading on Thursday may be impacted by reaction to the latest batch of U.S. economic data, including reports on weekly jobless claims, durable goods orders and pending home sales.