Treasury yields move following Biden’s inauguration

U.S. Treasury yields dipped on Thursday morning, as investors piled into stocks in the previous session sending markets to record highs, following the inauguration of Joe Biden as U.S. president.The yield on the benchmark 10-year Treasury note fell to 1.084% at 4:30 a.m. ET, while the yield on the 30-year Treasury bond slipped to 1.833%. Yields move inversely to prices.The decline in Treasury yields on Thursday came as U.S. stock futures advanced further after the major averages hit record highs on Inauguration Day.Biden was sworn in as the 46th president of the United States on Wednesday. In his inauguration speech, Biden declared that “Democracy has prevailed,” calling on Americans to reject efforts to sow division and pledging to work for the voters who did not support him.Biden signed a number of executive orders on his first day in office and is expected to start working on his proposed $1.9 trillion economic stimulus plan right away.Housing starts data for the U.S. in December, which measures the number of residential construction projects started, is expected at 8:30 a.m. ET, along with building permits data for the same month.Weekly jobless claims data is also due at that time. Economists polled by Dow Jones expect 925,000 Americans to have filed for unemployment last week, down from the previous week’s 965,000.Auctions will be held Thursday for $30 billion of 4-week bills, $35 billion of 8-week bills and $15 billion of 10-year bonds.— CNBC’s Jacob Pramuk and Maggie Fitzgerald contributed to this report.

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