Stocks rebounded, with Friday’s options expiration contributing to the heightened market swings. Treasuries rose with the dollar.

The S&P 500 resumed gains, while the Cboe Volatility Index was on track for its biggest weekly surge since January. An earlier equity slide was driven by anxiety over the withdrawal of Federal Reserve stimulus, the virus spread and global supply chains.

“This week’s options expiration is likely amplifying the volatility,” wrote Tom Essaye, a former Merrill Lynch trader who founded “The Sevens Report” newsletter. “This market remains complacent and vulnerable to ‘air pockets.’”

The benchmark gauge of American shares has struggled to hold on to its gains after closing at another record on Monday and doubling from its pandemic bottom. Investors are bracing for a reduction of unprecedented liquidity as the developed world looks to mass vaccinations to keep the recovery on track. However, the persistent spread of delta variant and slowing China growth raise questions about whether the global economy can absorb the winding down of the stimulus.

Some of the main moves in markets:

Stocks

• The S&P 500 rose 0.2% as of 11:45 a.m. New York time
• The Nasdaq 100 rose 0.7%
• The Dow Jones Industrial Average fell 0.2%
• The Stoxx Europe 600 fell 1.5%
• The MSCI World index fell 0.7%

Currencies

• The Bloomberg Dollar Spot Index rose 0.4%
• The euro fell 0.1% to $1.1695
• The British pound fell 0.6% to $1.3672
• The Japanese yen was little changed at 109.72 per dollar

Bonds

• The yield on 10-year Treasuries declined two basis points to 1.24%
• Germany’s 10-year yield was little changed at -0.49%
• Britain’s 10-year yield declined three basis points to 0.54%

Commodities

• West Texas Intermediate crude fell 3.6% to $63.08 a barrel
• Gold futures were little changed

©2021 Bloomberg L.P.