(Sharecast News) - Major indices were firmly in the red early on Tuesday as Donald Trump ramped up his rhetoric on Greenland, threatening to slap new tariffs on countries opposing the sale of the Danish territory.
As of 1510 GMT, the Dow Jones Industrial Average was down 1.34% at 48,696.38, while the S&P 500 shed 1.36% to 6,845.51 and the Nasdaq Composite came out of the gate 1.61% weaker at 23,137.35.
The Dow opened 662.95 points lower on Tuesday, extending losses recored in the previous session as investors refrained from taking on too much risk ahead of the Martin Luther King Jr Day break.
Over the weekend, Trump threatened to slap escalating tariffs on imports from eight NATO member states "until such time as a Deal is reached for the Complete and Total purchase of Greenland". The levies will begin at 10% on 1 February and rise to 25% on 1 June.
Trump also threatened to impose 200% tariffs on French wine and champagne, following reports that Emmanuel Macron would not join his proposed Board of Peace for Gaza. He separately criticised the UK over its plan to transfer sovereignty of the Chagos Islands to Mauritius, despite previously supporting the agreement, calling the move an "act of great stupidity" and arguing it was "another in a very long line of National Security reasons why Greenland has to be acquired".
European leaders have condemned Trump's latest tariff threats as "unacceptable" and were said to be considering retaliatory measures, with France reportedly urging the EU to deploy its AntiCoercion Instrument. Trump, who was scheduled to address the World Economic Forum in Davos on Wednesday, has agreed to meet European leaders at the event in order to discuss his Greenland ambitions.
The White House's tariffs also continued to fate legal scrutiny, with the US Supreme Court expected to rule as early as next week on whether the measures, imposed under the International Emergency Economic Powers Act, should be struck down. Treasury secretary Scott Bessent said he believes itto be "very unlikely that the Supreme Court will overrule a president's signature economic policy".
Elsewhere, ongioing civil unrest in Iran continued to add to global unease, with Iranian official reporting on Sunday that at least 5,000 people have been killed in nationwide protests that began on 28 December over economic hardship and have since escalated into calls for an end to clerical rule.
In the corporate space, worker safety and consumer goods giant 3M beat fourth-quarter revenues estimates and pointed to further growth on the horizon, while construction outfit DR Horton quarterly earnings came in ahead of estimates.
Still to come, Netflix and United Airlines were both slated to report earnings after the close.
On the macro front, US private employers added an average of 8,000 jobs per week in the four weeks ended 27 December, according to ADP, down from an average gain of 11,250 in the previous period.
Reporting by Iain Gilbert at Sharecast.com
Dow Jones - Risers
Procter & Gamble Co. (PG) $145.84 0.91%
Unitedhealth Group Inc. (UNH) $333.26 0.68%
Travelers Company Inc. (TRV) $270.02 0.22%
Verizon Communications Inc. (VZ) $38.92 0.01%
Walmart Inc. (WMT) $113.56 0.00%
Apple Inc. (AAPL) $254.38 0.00%
Intel Corp. (INTC) $48.17 0.00%
Dowdupont Inc. (DWDP) $0.00 0.00%
Walgreens Boots Alliance, Inc. (WBA) $0.00 0.00%
Chevron Corp. (CVX) $166.23 -0.02%
Dow Jones - Fallers
3M Co. (MMM) $161.32 -3.86%
International Business Machines Corporation (CDI) (IBM) $297.15 -2.79%
Dow Chemical Co. (DOW) $26.84 -2.63%
JP Morgan Chase & Co. (JPM) $306.27 -1.98%
Home Depot Inc. (HD) $372.89 -1.91%
American Express Co. (AXP) $358.39 -1.76%
Goldman Sachs Group Inc. (GS) $946.85 -1.57%
Amgen Inc. (AMGN) $325.50 -1.49%
Microsoft Corp. (MSFT) $453.46 -1.39%
Johnson & Johnson (JNJ) $215.93 -1.25%
S&P 500 - Risers
Coterra Energy Inc. (CTRA) $26.60 3.46%
Micron Technology Inc. (MU) $374.74 3.31%
Newmont Corporation (NEM) $117.23 2.73%
Constellation Brands Inc. Class A (STZ) $160.58 2.52%
Tapestry Inc. (TPR) $133.67 2.28%
VF Corp. (VFC) $19.21 2.07%
CF Industries Holdings Inc. (CF) $88.12 1.58%
Netflix Inc. (NFLX) $89.33 1.52%
Valero Energy Corp. (VLO) $186.10 1.44%
Williams Companies Inc. (WMB) $62.38 1.34%
S&P 500 - Fallers
Nektar Therapeutics (NKTR) $35.20 -6.58%
NetApp Inc. (NTAP) $98.13 -5.50%
CenturyLink Inc. (LUMN) $8.03 -4.97%
Celanese Corp. (CE) $44.76 -4.64%
Bath & Body Works, Inc. (BBWI) $22.20 -4.60%
Hewlett Packard Enterprise (HPE) $20.49 -4.44%
Norwegian Cruise Line Holdings Ltd (NCLH) $21.06 -4.32%
Incyte Corp. (INCY) $101.64 -4.30%
3M Co. (MMM) $161.32 -3.86%
Royal Caribbean Cr (RCL) $265.55 -3.79%
Nasdaq 100 - Risers
Micron Technology Inc. (MU) $374.74 3.31%
Qvc Group Inc Series A (QVCGA) $9.86 2.92%
Baidu Inc. (BIDU) $152.13 1.74%
Netflix Inc. (NFLX) $89.33 1.52%
Western Digital Corp. (WDC) $224.43 1.32%
O'Reilly Automotive Inc. (ORLY) $95.22 0.55%
Costco Wholesale Corp. (COST) $966.92 0.34%
Comcast Corp. (CMCSA) $27.91 0.31%
Vodafone Group Plc ADS (VOD) $13.50 0.26%
Take-Two Interactive Software Inc. (TTWO) $240.49 0.14%
Nasdaq 100 - Fallers
Incyte Corp. (INCY) $101.64 -4.30%
Synopsys Inc. (SNPS) $497.87 -3.57%
Broadcom Inc. (AVGO) $340.14 -3.29%
Nvidia Corp. (NVDA) $180.48 -3.09%
Idexx Laboratories Inc. (IDXX) $694.24 -2.95%
Cadence Design Systems Inc. (CDNS) $308.63 -2.78%
Expedia Group Inc. (EXPE) $277.50 -2.67%
QUALCOMM Inc. (QCOM) $155.31 -2.58%
Alphabet Inc. Class A (GOOGL) $321.73 -2.51%
Alphabet Inc. Class C (GOOG) $322.13 -2.49%
68.57 (0.67%)
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