Yields for government bonds were rising on Tuesday as U.S. investors returned from the Labor Day holiday, which saw markets closed on Monday.

What yields are doing

The 10-year Treasury note yields
TMUBMUSD10Y,
1.368%

1.361%, after trading at 1.322% on Friday at 3 p.m. Eastern Time. Yields move opposite to prices.

The 30-year Treasury bond
TMUBMUSD30Y,
1.981%

was yielding 1.974%, compared with 1.942% at the end of last week.

The 2-year Treasury note rate
TMUBMUSD02Y,
0.212%

was at 0.212%, versus 0.206% last Friday.

What’s driving the market

Treasury yields drifted higher with few major catalysts at play, as investors returned from a long holiday. There is no data on deck and no scheduled Federal Reserve speakers on Tuesday.

Investors, however, may focus on an auction of $58 billion in 3-year notes
TMUBMUSD03Y,
0.415%

at 1 p.m. Eastern Time, which could influence fixed-income trading for the remainder of the session.

On Friday, investors parsed U.S. August nonfarm payrolls report, which showed that the number of new jobs created fell well short of economists’ forecast for a 720,000 increase.

What analysts are saying

“Risk-on mood generally prevailed overnight with US stock futures, along with most Asian stocks, trading in positive territory. On the other hand, European stock futures were trading slightly in the red,” wrote analysts at UniCredit in a daily research note.

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