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10-year Treasury yield edges higher as investors weigh labor market data

Brendan McDermid | Reuters

Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., November 29, 2024. 

The benchmark U.S. 10-year Treasury ticked higher on Tuesday as investors mulled over recent job openings data.

The 10-year Treasury yield added 4 basis points to 4.232%, while the yield on the 2-year Treasury dipped 2 basis points to trade at 4.177%.

Yields and prices move in opposite directions, and one basis point equals 0.01%.

Economic data issued on Tuesday showed that there were 7.74 million job openings posted in October, topping September's total and beating the Dow Jones estimate of 7.5 million.

The week's major economic release is the November jobs report, which will be published on Friday and is expected to show that the U.S. economy added 214,000 jobs last month, according to economists polled by Dow Jones, up from 12,000 jobs in October. The unemployment rate is expected to land at 4.2%, per Dow Jones. That's up from 4.1% in the prior month.

The jobs report is important for investors as it will be the last major look at the labor market before the Fed's Dec. 17-18 meeting, where it will decide on how much to cut interest rates.

— CNBC's Sawdah Bhaimiya contributed to this report.

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