This month’s bounceback in U.S. equities petered out as a new wave of concern regarding trade and political tensions around the globe overshadowed hopes that a dovish Federal Reserve can help blunt such threats.

The S&P 500 gained 0.5 percent in the five days through Friday, following a 4.4 percent rally in the prior week. The Dow increased 0.4 percent to 26,090, while the Nasdaq composite index added 0.7 percent.

Sentiment has turned cautious as investors still stinging from May’s 6.6 percent drop in the S&P 500 await this week’s Fed decision and look toward the Group of 20 summit in Japan for a possible breakthrough in the U.S.-China trade dispute.

Geopolitical concerns ratcheting up in the Middle East and elsewhere also are seen as potential threats to already fragile global economic growth. Meanwhile, Fed futures show markets giving more than 99 percent odds of an interest-rate cut by the end of this year.

The U.S. Treasury will sell $36 billion of three-month bills and $36 billion of six-month bills on Monday. They yielded 2.18 percent and 2.17 percent, respectively, in when-issued trading. It will also sell $26 billion of 52-week bills on Tuesday, as well as four-week bills, eight-week bills and $15 billion of Treasury Inflation-Protected Securities on Thursday.

— Bloomberg News