Greenland escalations send stocks into the red
Stocks erased 2026 gains amid tariff threats.
The S&P 500, Nasdaq 100, and Russell 2000 sold off in reaction to President Trump’s various escalations over Greenland, with the S&P 500 and Nasdaq 100 erasing all year-to-date gains. In a Truth Social post on Saturday, Trump warned that the US would impose tariffs on European countries — Denmark, Norway, Sweden, France, Germany, the UK, the Netherlands, and Finland — unless a deal is reached for the “Complete and Total purchase of Greenland.” The touted 10% tariffs on “any and all goods” shipped to the US from the eight countries would take effect February 1, rising to 25% by the start of June if an agreement isn’t reached.
Investors retreated to precious metals, sending the SPDR Gold Shares ETF and iShares Silver Trust higher. All Magnificent 7 stocks traded lower, as did bitcoin and ethereum. Consumer staples was the only sector ETF to end the day in the green as investors pivoted to a defensive posture.
The bright spots:
ImmnuityBio continued to surge after announcing that its ANKTIVA drug may be approved to treat a broader range of bladder cancers.
Corvus Pharmaceuticals skyrocketed after reporting encouraging early-stage data on its eczema drug.
RAPT Therapeutics soared on news that GSK will acquire the biotech in a $2.2 billion deal.
Trump Media rose after announcing the record date for digital token distribution.
Intel was one of the few tech stocks in the green as the American chipmaker received a pair of upgrades from HSBC and Seaport Global.
Stocks that moved lower:
Nvidia fell on news that suppliers for its H200 chips have halted production amid reports that Beijing has banned these processors from entering the country.
Roblox sank as Deutsche Bank cut its price target to $115 from $140.
3M tumbled after softer-than-expected 2026 earnings guidance, with its CEO warning of a possible $30 million to $40 million impact from potential tariffs on Europe.
AppLovin ticked lower after a report from CapitalWatch alleged that it’s a money-laundering operation for “transnational criminal kingpins.”
