Worries around a hot economy, inflation and bulging fiscal deficits are keeping bonds volatile Thursday.

After a new batch of economic data this morning, U.S. Treasury yields rose, with the benchmark 10-year yield hitting a new 24-year high near 5.34%, before receding back below 5.30%. Stocks are lower, led by the Dow industrials, which are off about 0.5%.

A reading of manufacturing activity came in slightly lower than expected. But the same report signaled a jump in prices paid by producers. A separate report showed a surprise increase in construction spending in August, reinforcing the theme of a resilient U.S. economy.

Global bonds swooned overnight, sending yields to fresh multidecade highs. The moves later eased a bit, but they illustrate how volatile trading has been this week as investors scrutinize data releases, developments in the Middle East and anything that could provide hints on the trajectory of rates and the economy.

Meanwhile, the most-actively traded Brent crude futures rose above the $100 a barrel mark.