President Donald Trump’s fast-approaching “Liberation Day” sent stock markets swinging sharply worldwide on Monday.

On Wall Street, the S&P 500 rose 0.6% in another roller-coaster day, after being down as much as 1.7% during the morning. The reversal helped the index shave its loss for the first three months of the year to 4.6%, making it the worst quarter in two-and-a-half years.

The Dow Jones industrial average also swerved higher after erasing an initial loss, and it climbed 417 points, or 1%. Slides for Tesla, Nvidia and other influential Big Tech stocks, though, sent the Nasdaq composite down 0.1%.

Wall Street’s swings followed a sell-off that spanned the world earlier Monday as worries built about the effects of the tariffs that Trump says will bring manufacturing jobs back to the United States.

In Japan, the Nikkei 225 index dropped 4%. South Korea’s Kospi sank 3%, and France’s CAC 40 fell 1.6%.

Gold rose again to briefly crest $3,160 per ounce.

Prices for Treasury bonds also climbed, which in turn sent their yields down. The yield on the 10-year Treasury fell to 4.21% from 4.27% late Friday and from roughly 4.80% in January.

Tesla fell 1.7% to bring its loss for the year so far to 35.8%. It’s been one of the year’s worst performers in the S&P 500 in large part because of fears that the electric-vehicle maker’s brand has become too intertwined with its CEO, Elon Musk.

Nvidia, which has ridden the frenzy around artificial-intelligence technology to become one of Wall Street’s most influential stocks, fell 1.2% to bring its loss for the year so far to 19.3%.

On the winning side of Wall Street was Mr. Cooper, which jumped 14.5% after the home loan servicer said it’s being bought by mortgage company Rocket in an all-stock deal valued at $9.4 billion. The deal comes just weeks after Rocket acquired real estate listing company Redfin, and Rocket’s stock fell 7.4%.

Warren Buffett’s Berkshire Hathaway rose 1.2% and was one of the strongest forces lifting the S&P 500.

Newsmax surged 735% in a dizzying first day of trading for the stock of the news company. Its price was so volatile that trading of its stock was briefly halted a dozen times through the day.

All told, the S&P 500 rose 30.91 points to 5,611.85. The Dow climbed 417.86 to 42,001.76, and the Nasdaq composite fell 23.70 to 17,299.29.

— Associated Press