U.S. government debt prices were lower Thursday morning after key Super Tuesday victories for former Vice President Joe Biden sparked a risk-on rally on Wall Street.

At around 2:50 a.m. ET, the yield on the benchmark 10-year Treasury note, which moves inversely to price, was higher at 1.0149%, having fallen to all-time lows in recent days. The yield on the 30-year Treasury bond was also up at 1.6624%.

The Dow posted its second-highest point gain ever on Wednesday as all three major averages escaped correction territory. It came after Biden notched crucial wins in a host of states and emerged as the moderate challenger to democratic socialist Bernie Sanders for the Democratic nomination.

Federal government announced an $8 billion spending package on Wednesday to help combat the spread of the coronavirus, while the IMF also unveiled a $50 billion aid program.

The U.S. Federal Reserve has already implemented an emergency 50-basis-point cut to interest rates in a bid to contain the expected economic fallout from the outbreak, with other central banks set to follow suit.

The U.S. death toll from the virus increased to 11 on Wednesday, with new cases confirmed around New York City and Los Angeles, while Washington state health officials are grappling with the nation’s largest outbreak.

The latest World Health Organization figures place the number of global cases at 93,000 with at least 3,199 deaths.

Fourth-quarter unit labor costs and nonfarm productivity figures are due at 8:30 a.m. ET, along with jobless claims for last week. Factory orders data for January are due at 10:00 a.m. ET.

Auctions will be held Thursday for $50 billion of 4-week Treasury bills and $45 billion of 8-week bills.

– CNBC’s Yun Li contributed to this report.

Read More