Stocks Rise, Trump Seeks Greenland Talks, EU Delays Trade Vote
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What is the impact of Trump's remarks on the global economy?
Donald Trump is rewriting the Washington rulebook and reshaping the global economy. If you're trying to connect the dots behind the headlines, Bloomberg's Trumponomics podcast is here to help. I'm Stephanie Flanders, Head of Government and Economics at Bloomberg. Every week I'll bring you a smart, focused conversation with reporters and experts from Washington, Wall Street and beyond. Listen to new episodes every Wednesday and follow Trumponomics wherever you listen.
News when you want it with Bloomberg News Now. I'm Nathan Hager. Wednesday morning trading is underway on Wall Street with stocks on the rise. That is the sound of the opening bell from the floor of the New York Stock Exchange at the open. The S&P 500 is higher by three tenths of one percent, a gain of about 20 points. The Dow Jones Industrial Average is up about a quarter of 1% or more than 110 points. And the Nasdaq Composite opens in the green as well, up three-tenths of 1%. The 10-year Treasury yield is down about a basis point to 4.27% as President Trump addresses the elites at the World Economic Forum.
It's great. To be back in beautiful Davos, Switzerland, and to address so many respected business leaders, so many friends, few enemies.
The president began by touting the economy, declaring inflation defeated, saying the U.S. could grow twice as fast as the IMF has projected. He said Europe should follow the U.S. lead.
Certain places in Europe are not even recognizable, frankly, anymore. They're not recognizable anymore. And we can argue about it, but there's no argument.
And President Trump called for immediate negotiations to take over Greenland. He says the U.S. won't use excessive force to acquire the Arctic island. But he says if countries don't agree to a sale, the U.S. will remember. Bloomberg's Lisa Abramowitz reports European allies have been split on how to respond to the president's Greenland demands.
On one hand, of course, there's the knee-jerk anger, frustration, anger. feeling betrayed, or all of those emotions that really fed into people looking for some sort of South America trade, just to be frank. On the flip side, and what you're hearing from the leaders of Finland and the United Kingdom and others, is take a step back, take a deep breath, listen, try to make a discussion that will actually have a fruitful outcome rather than make rash decisions on emotions.
Bloomberg's Lisa Abramowitz covering the forum in Davos. The European Union has delayed a vote on ratifying its trade agreement with the U.S. as President Trump continues his remarks. Russia's war in Ukraine is also top of mind in the Swiss Alps.
How are stocks performing in Wednesday morning trading?
White House Special Envoy Steve Witkoff says he and Jared Kushner will head to Moscow tomorrow night for talks with Russian President Vladimir Putin. I think that they've asked for the meeting.
The Russians have invited us to come, and that's a significant statement from them.
Special Envoy Steve Witkoff says he will meet with Ukrainian officials later today before traveling to Moscow. President Trump says he'll meet as well with Ukrainian President Vladimir Zelensky. He says he thinks both Ukraine and Russia want to make a deal. But it's not just geopolitics under discussion. President Trump's call for a 10 percent interest rate cap on credit cards is getting a cold reception from JPMorgan Chase CEO Jamie Dimon.
In the worst case that they have a drastic reduction of the credit card business. I mean drastic. I mean like 10 percent. I mean like 80 percent.
JP Morgan's Jamie Dimon says the idea should be tested in two states. He tells the World Economic Forum his firm would offer a complete analysis of the proposal to the government. Back in Washington, a lot of eyes are on the Supreme Court this morning. Bloomberg's Lauren Dozenski has that.
The Supreme Court hears arguments whether the president can fire a Federal Reserve governor over these mortgage fraud allegations. The other part of it is that Federal Reserve Chair Jerome Powell will be there at the arguments themselves, which is pretty unprecedented.
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