(Bloomberg) — A late-session runup in US stocks capped another volatile day for global markets, a session that also featured extreme moves in European bonds and equities. Geopolitical news dominated sentiment once again, including a delay in the imposition of auto tariffs in Canada and Mexico by the White House.

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Wall Street remained focused on the latest developments around trade negotiations and how that could impact the economy and Federal Reserve decisions. The S&P 500 rose over 1%, rebounding from a two-day slide. Treasuries saw small losses in a stark contrast to the plunge in their European counterparts. German bunds tumbled the most since 1990. The dollar fell 1%. Oil sank to the lowest in about six months.

The market has been on a wild ride, and traders expect more of that as they assess the latest tariff developments and brace for Friday’s US payrolls report. Options trading projects the S&P 500 to move 1.3% in either direction, in what would be the most for any jobs day since the regional bank turmoil in March 2023.

The S&P 500 rose 1.1%. The Nasdaq 100 added 1.4%. The Dow Jones Industrial Average gained 1.1%.

The yield on 10-year Treasuries rose four basis points to 4.28%. The dollar dropped against most major currencies.

Corporate Highlights:

• Marvell Technology Inc. issued a revenue forecast that fell short of the highest estimates, disappointing investors who were looking for a bigger payoff from the AI boom.

• Apple Inc. rolled out updated MacBook Air laptops and Mac Studio desktops, seeking to maintain a sales resurgence for the company’s computer line.

• Novo Nordisk A/S is following in rival Eli Lilly & Co.’s footsteps by selling its hit weight-loss drug Wegovy directly to US patients at a discount.

• Microsoft Corp.’s $13 billion investment into OpenAI Inc. was cleared by the UK’s antitrust watchdog, ending months of uncertainty over the tie-up.

• Abercrombie & Fitch Co. is struggling to meet investors’ lofty expectations. The retailer said revenue this year would grow 3% to 5%. Wall Street projected an average of $5.2 billion in annual sales, which would be a gain of about 5.5%.

• Foot Locker Inc., the struggling sneaker chain, faces limited direct exposure to new US-imposed tariffs, with executives calling their impact small to moderate.

• Oil refiner Phillips 66 is fighting back against activist investor Elliott Investment Management in a letter to shareholders Wednesday.