Zaid Admani

Let's go.

Markets are coming off a down week.

The S&P 500 fell by 0.4% last week, while the Nasdaq dropped 0.7%.

The Russell 2000, though, which tracks small cap stocks, was up 2% last week and closed at record highs.

So we continue to see a strong rotation into small caps.

The Russell 2000 has gone up nearly 8% this year, while the S&P and Nasdaq are up less than 2%.

I gotta say, though, overall, stocks are holding up pretty well, given the nonstop headlines to start the year.

You know, there was Venezuela, then escalations with Iran.

Then last weekend, Jerome Powell shocked everyone when he said the DOJ was investigating the Federal Reserve.

Well, we got one more shocking headline this weekend.

This time, it's about Greenland.

President Trump escalated tensions with the European Union by threatening new tariffs on eight European countries if Greenland isn't sold to the U.S.,

Trump says the U.S.

needs to own Greenland for national security reasons.

Now, Greenland is an autonomous territory of Denmark, which is a NATO ally.

And Denmark has already said that Greenland is not for sale.

European officials are now reportedly discussing counter tariffs to the U.S.

if Trump follows through with his threats.

So we might be headed for another transatlantic trade war.

The markets were caught off guard by all of this.