Stocks Fall at Open, Greenland Push Rattles Davos, More
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News when you want it with Bloomberg News Now. I'm Nathan Hager. Tuesday morning trading is underway on Wall Street with investors in a decidedly risk-off mood this morning. That is the sound of the opening bell from the floor of the New York Stock Exchange. And at the open, the S&P 500 is down 1.4%, a drop of nearly 100 points. The Dow Jones Industrial Average is lower by 1.3%. That's a decline of more than 650 points. And the Nasdaq Composite is leading the losses at the open down almost 1.6%, more than 370 points. President Trump's renewed push to take control of Greenland and raise threats on countries that don't go along is rattling investors and dominating the discussion at the World Economic Forum in Davos, Switzerland.
European Commission President Ursula von der Leyen.
A deal is a deal. And when friends shake hands, it must mean something.
The head of the European Commission reacting as President Trump unleashes fresh social media attacks against traditional allies, threatening crushing tariffs on French wine. underlining the stakes for this week's meetings. In a flurry of comments and posts this morning, the president took a swipe at French President Emmanuel Macron for rejecting an invitation to back his latest peace initiative, a board of peace for Gaza. Bloomberg's Oliver Crook has more from Brussels.
Donald Trump, in what seems to be a sort of tradition now, before his trips coming to Europe, he was posting screenshots of text messages he got from Mark Rutte and from the president of France, Emmanuel Macron. And I'll just read here what he put out. And this is apparently a text from Macron saying, I don't understand what you're doing with Greenland. Let's try to build great things. One, I can set up a G7 meeting after Davos in Paris on Thursday afternoon. I can invite the Ukrainians, the Danish, the Syrians, the Russians in the margins to let's have dinner together in Paris and talk on Thursday before you go back to the United States.
That's Bloomberg chief Europe correspondent Oliver Crook. The pressure over Greenland is part of the reason why Denmark's pension fund says it will exit U.S. Treasuries at the end of the month. The fund's chief investment officer tells Bloomberg concerns over fiscal discipline in the U.S. and a weaker dollar are also behind the move. We get more from Bloomberg's Lisa Abramowitz.
And this is what you hear in terms of the emotional response. It happened after Liberation Day last year, but you're hearing that on the margins from other pension funds, too. The Danish pension fund in particular is in the hot seat just because of Denmark and Greenland and the whole situation there. Nevertheless, they're not alone.
That's Bloomberg's Lisa Abramowitz covering the World Economic Forum at Davos. All this threatens to overshadow President Trump's pitch for his affordability message that he plans to deliver to the global elites tomorrow. Bloomberg's Tyler Kendall has more from Washington.
President Trump is really just ramping up the pressure as he heads to Davos. That speech tomorrow now slated for 8.30 a.m. Eastern. And though he is abroad, of course, we know that he's going to be focusing in on some domestic issues, including that his NEC director, Kevin Hassett, has already previewed that he's going to roll out a plan related to letting Americans use and pull from their 401k for a down payment on homes.
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