U.S. stocks rebounded after the biggest rout since June wiped about $500 billion from the value of equities, while Treasury yields held near two-month highs before a Federal Reserve official speaks. Emerging-market assets slumped.

The S&P 500 Index climbed after sinking 2.5 percent Friday. The yield on 10-year Treasuries held near 1.68 percent amid concern that central banks are preparing to wean markets off stimulus. Shares in Europe and Asia, which were closed Friday when the selloff began, dropped Monday. Emerging-market equities tumbled 2.4 percent, while oil rebounded past $46 a barrel. The yen advanced and the won slid.

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While financial markets were jolted out of a period of calm by an uptick in concern over the outlook for central bank policies, futures traders on Monday are assigning just a 28 percent chance of a rate hike at the Fed’s September meeting. Lael Brainard, a member of the board of governors, speaks in Chicago today, the last speaker before next week’s meeting. On Friday Boston Fed President Eric Rosengren signaled more willingness to raise interest rates, a day after European Central Bank chief Mario Draghi downplayed the need to add to stimulus.

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