At around 3:35 a.m. ET, the yield on the benchmark 10-year Treasury note, which moves inversely to price, was higher 0.5782%, while the yield on the 30-year Treasury bond was fractionally lower at 1.1609%.

Investors flocked to traditional safe haven assets on Tuesday after U.S. oil prices plummeted below zero for the first time in history, as the coronavirus pandemic hammers demand. Yields began Wednesday in negative territory but stabilized during the early hours.

Stock markets followed yields and oil prices sharply lower on Tuesday, but futures Wednesday morning are pointing to an attempted stabilization at the market open after two days of steep losses on Wall Street.

The U.S. Senate on Tuesday unanimously passed legislation to provide almost $500 billion in federal aid for small businesses, hospitals and testing, with confirmed coronavirus cases in the U.S. exceeding 825,000 as of Wednesday morning, according to Johns Hopkins University.

Auctions will be held Wednesday for $30 billion of 103-day Treasury bills and $30 billion of 154-day bills.

There are no major economic data releases scheduled for Wednesday.

– CNBC’s Yun Li and Fred Imbert contributed to this report.

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