Treasury yields moved lower on Wednesday as investors sought shelter from a sell-off in equity futures sparked by potential big victories from Democrats in the U.S. midterm elections.
The benchmark 10-year Treasury note yield was last seen 2 basis points lower at 4.9291%. The 30-year bond yield slid 1 basis point to 5.3093%, and the shorter-term 2-year note yield pulled back 1 basis point to 4.5996%.
One basis point equals 0.01%, or 1/100th of 1%, and yields and prices move inversely to one another.
Democrats are on course for a clean sweep, with the party winning at least the House and projected to win the Senate according to a CNBC Election Desk.
The Associated Press is projecting that Democrats have flipped Senate seats from Republicans in Iowa, Kansas, North Carolina, Ohio, South Carolina, Maine and Texas.
Stock futures fell sharply as election results rolled in. Contracts tied to the S&P 500 were seen 0.17% lower, and Nasdaq-100 futures slid 0.25%.
AI-related shares, which have led the bull market, paced the overnight decline on fears that Democrats would slow the data center buildout.