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After initially showing a lack of direction, treasuries moved to the downside over the course of the trading day on Monday.
Bond prices slid into negative territory as the day progressed, extending the notably pullback seen over the two previous sessions. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, rose 2.1 basis points to 4.343 percent.
Treasuries came under pressure following the release of a report from the Institute for Supply Management showing an unexpected increase by its reading on U.S. service sector activity in the month of April.
The ISM said its services PMI rose to 51.6 in April from 50.8 in March, with a reading above 50 indicating growth. Economists had expected the index to edge down to 50.6.
The report also said the prices index surged to 65.1 in April from 60.9 in March, reaching its highest reading since hitting 65.8 in January 2023.
Traders also remain optimistic about potential trade deals even after President Donald Trump announced plans to impose a 100 percent tariff on movies produced in foreign countries.
A report from Bloomberg said India has proposed zero tariffs on steel, auto components and pharmaceuticals up to a certain amount in its trade negotiations with the U.S.
Citing people familiar with the matter, Bloomberg said the offer was made by Indian trade officials visiting Washington late last month to expedite negotiations on a bilateral trade deal.
A report on the U.S. trade deficit is likely to attract some attention on Tuesday, although trading activity may be somewhat subdued as the Federal Reserve's two-day monetary policy meeting gets underway.
