The 10-year Treasury yield is approaching its recent peak.

The 10-year U.S. Treasury yield climbed Thursday, near recent highs.

At 4:03 p.m. ET, the yield on the benchmark rose by 3.8 basis points to 2.359%. Meanwhile, the yield on the was marginally higher at 2.525%. It's important to note that yields move inversely to prices, and 1 basis point is equivalent to 0.01%.

The decline in jobless claims to a 42-year low has boosted investor confidence that the US economy can continue to expand despite challenges such as the Russia-Ukraine conflict. The Labor Department announced on Thursday that initial jobless claims for the week totaled 187,000.

Concerns about inflation and rising interest rates continue to be a focus for investors. On Monday, Federal Reserve Chairman Jerome Powell expressed a more hawkish stance in a speech, indicating that the U.S. central bank may take a more aggressive approach to rate hikes.

The 10-year Treasury yield surged to 2.41% on Wednesday due to Powell's comments amid economic uncertainty.

The market is pricing in the newfound urgency of the Fed to achieve neutrality, as stated by Priya Misra, head of global rates strategy at TD Securities, on CNBC's "Squawk Box" on Thursday.

Investors continue to monitor the war in Ukraine.

On Thursday, there will be three significant geopolitical meetings: a NATO summit in Brussels, a gathering of EU leaders, and a G-7 meeting.

In an interview with CNBC's Hadley Gamble on Thursday, NATO Secretary General Jens Stoltenberg stated that Russian President Putin had committed a "big mistake" by invading Ukraine.

On Thursday, it is anticipated that additional aid for Ukraine and further sanctions against Russia will be declared.

— CNBC’s Holly Ellyatt contributed to this market report.