US stocks rose after President Joe Biden said tariffs on China imposed by the Trump administration were being considered. The dollar and Treasury bonds fell.

US stock futures jumped more than 1% on expectations that bargain hunters will help bring the S&P 500 back from bear market levels. Stocks also rose in Asia and emerging markets.

Energy and basic resources stocks briefly led a long correction of the European Stoxx500 index as part of a general bearish trend:

Traders interpreted Biden's comments that he will discuss US tariffs on Chinese imports with Treasury Secretary Janet Yellen when he returns from his Asia trip as a sign there may be a reversal of some measures imposed by Trump. He also said the US military would step in to defend Taiwan in any attack from China. His administration announced that a dozen Indo-Pacific countries will join the US in a broad economic initiative designed to counter China's influence in the region.

Investors are grappling with concerns about an economic slowdown and the prospect of more monetary tightening. European Central Bank President Christine Lagarde said the ECB was likely to start raising interest rates in July and exit the territory.Beijing reported a record number of Covid cases, reviving concerns about a lockdown. China's strict adherence to Covid Zero has stifled economic growth and prompted banks last week to cut a key interest rate on long-term loans by a record amount.

"As macroeconomic concerns stemming from aggressive monetary tightening, the Russia-Ukraine conflict and China's strict COVID lockdowns persist, we anticipate significant market volatility," Louise Dudley, portfolio manager for global equities of Federated Hermes Ltd., said in a note.

Minutes of the most recent Fed rate-setting meeting will provide insight into the US central bank's tight path to markets this week. St. Louis Fed President James Bullard said the central bank should pursue an aggressive series of rate hikes to raise rates to 3.5% at the end of the year, which, if successful, would reduce inflation and lead to an increase of 2023 or 2024.

Here are some major events to watch this week:

• Atlanta Fed President Rafael Bostic, Kansas City Fed President Esther George speak at Monday's events
• ECB Governing Council members Robert Holzmann and Joachim Nagel, BoE Governor Andrew Bailey discuss inflation at the event on Monday
• Eurozone S&P Global PMI Tuesday
• US New Home Sales, S&P Global PMI Tuesday
• Reserve Bank of New Zealand rate decision on Wednesday
• FOMC Minutes Wednesday
• The ECB published its financial stability review on Wednesday
• Bank of Korea Rate Decision Thursday
• US GDP, early jobless claims Thursday
• US Core PCE Price Index; personal income and expenses; bulk goods;
• University of Michigan Consumer Sentiment Friday