Wall Street returns to sell-off mode as coronavirus fears mount

Photo: Spencer Platt/Getty Images

Stocks fell more than 3% on Thursday afternoon, while yields on the benchmark government bond — considered a safe-haven asset — hit new lows.

Why it matters: The stretch of volatility initially sparked by the fears about how the coronavirus outbreak would damage the economy isn't letting up.

By the numbers: Thursday's losses have erased some of yesterday's 4% gains, but the S&P 500 is still higher on the week. The index is back in correction territory, or 10% below its record high.

The yield on the U.S. 10-year treasury note hit 0.898% — a new low.

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Courtenay Brown, Dion Rabouin

Yield on U.S. 10-year bond breaks 1% for first time ever

Photo: Spencer Platt/Getty Images

The yield on the U.S. 10-year Treasury fell below 1% for the first time ever after the Fed unexpectedly cut rates to shield the economy from any coronavirus impact.

Why it matters: Yields on the benchmark 10-year note have fallen by more than 90 basis points in just the first two months or so of 2020. That's a huge move in a short amount of time — and reflects investors' appetite for safe-haven assets and pessimism about the global economy.

Go deeperUpdated Mar 3, 2020 - Economy & Business

Felix Salmon

10-year Treasury yield drops below 1.3% for the first time in history

Data: FactSet; Chart: Axios Visuals

The bond market set a significant milestone on Thursday, with bond yields — as measured by the yield on the benchmark 10-year Treasury note — dropping below 1.3% for the first time in history.

By the numbers: The yield was above 3% as recently as November 2018.

Go deeperFeb 27, 2020 - Economy & Business

Dion Rabouin

Record low U.S. Treasury yields are expected to keep falling

Data: FactSet; Chart: Andrew Witherspoon/Axios

The yield on the U.S. 10-year Treasury note fell below 1% for the first time ever after the Fed's unexpected rate cut.

The state of play: This drop might not be the end. "We expect Treasury yields to remain low and perhaps fall even lower," Charles Schwab chief fixed income strategist Kathy Jones wrote.

Go deeperMar 4, 2020 - Economy & Business