U.S. Treasury yields were lower Friday as investors continued to assess the state of the U.S. economy after labor data buoyed sentiment.

The yield on the 10-year Treasury was around 5 basis points lower at 3.951% at 7:07 a.m. ET, nonetheless holding near the level it was at last week before a weak U.S. jobs report helped trigger a run of global market volatility.

The yield on the 2-year note was down more than 1 basis point on the day at 4.03%.

Yields and prices move in opposite directions, and one basis point equals one one-hundredth (0.01%) of a percent.

Initial claims for unemployment insurance totaled 233,000 in the latest week, the Labor Department reported Thursday, a lower figure than expected.

That helped drive the S&P 500 index to its best day since 2022 , also boosting Asia-Pacific and European markets on Friday.

Traders meanwhile trimmed bets on a 50 basis point rate cut from the Federal Reserve in September, now pricing in roughly even odds of that or a 25 basis point move lower, according to CME’s FedWatch tool.

Fresh data is in short supply until Tuesday, when the core producer price index is due.