business

Treasuries End Lower

Treasuries fell on profit-taking after a report showed a narrower-than-expected dip in the services sector

Treasuries opened higher, moved into the red in the afternoon, then sat pat. The Institute for Supply Management index of activity in the U.S. services sector fell 5.3 points to 59.9, from 65.5 in May. The markets expected a decline to 64.0.

A Challenger Grey survey showed corporate layoff plans eased. Planned job cuts fell 12% in June, vs. May but were 7.8% above the year-ago level, according to the report. Both reports strengthened the view that interest rates were on the rise.

The government will auction $15 billion of new five-year notes on Wednesday and $10 billion in inflation protected 10-year notes on Thursday.

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