New York, Jan 19, 2026, 12:13 (EST) — Market closed.
- The Dow ended its last session down 0.2% at 49,359.33, as U.S. markets remained closed Monday for the MLK Day holiday.
- Dow futures dropped roughly 0.7% as investors reacted to Trump’s newest tariff threat involving Greenland.
- Traders are eyeing Tuesday’s earnings reports and Thursday’s PCE inflation data as the upcoming hurdles.
Dow Jones futures slipped roughly 0.7% Monday following President Donald Trump’s threat to impose an additional 10% tariff on imports from eight European nations tied to Greenland. Stephen Innes from SPI Asset Management commented, “This is not a short-term liquidation story. It is a slow rebalancing story, and those are far more consequential.” AP News
The Dow Jones Industrial Average (.DJI) dropped 83.11 points, or 0.2%, closing at 49,359.33 on Friday. The S&P 500 (.SPX) and Nasdaq Composite (.IXIC) both slipped 0.06%, as investors digested Trump’s comments alongside early earnings reports. Over the week, the Dow slid roughly 0.3%, while the S&P 500 and Nasdaq declined 0.4% and 0.7%, respectively.
Markets in the U.S. are closed Monday for Martin Luther King Jr. Day, reopening Tuesday. Netflix is set to report earnings on Jan. 20, while several Dow names—including 3M, Johnson & Johnson, and Procter & Gamble—have reports lined up throughout the week. The Personal Consumption Expenditures (PCE) price index, the Fed’s favored inflation measure, comes out Thursday, just before next week’s Fed meeting. Intel’s earnings drop the same day.
Trump announced plans to slap an extra 10% tariff starting Feb. 1 on imports from Denmark, Norway, Sweden, France, Germany, the Netherlands, Finland, and Britain. That rate would jump to 25% on June 1 if Greenland talks don’t yield a deal. European leaders slammed the move as blackmail and hinted at retaliation. Meanwhile, gold and silver soared to new highs as investors fled to safe havens. “It’s highly likely that the White House will use the threat of tariffs consistently,” noted George Lagarias, chief economist at Forvis Mazars. Reuters
Investors have heard this rhetoric before, but some are revisiting last year’s “Sell America” strategy amid tariff jitters. Europeans hold roughly $8 trillion in U.S. stocks and bonds, according to Deutsche Bank, so shifts in their risk appetite can quickly impact prices. Leonard Kwan, fixed income portfolio manager at T Rowe Price, said, “For the most part so far it would appear to be more noise than signal at this point.” Reuters
European trading saw U.S. tech giants stumble early, as Alphabet slipped 2.4% in Frankfurt, while Nvidia and Microsoft each dropped roughly 2.2%. Nasdaq 100 futures fell 1.25%.
The Dow is price-weighted, meaning higher-priced stocks carry more influence. That setup lets a handful of big moves shift the index’s overall reading. Trade developments usually hit multinationals and manufacturers hardest, which make up a significant portion of the 30-company lineup.
Holiday futures can be volatile, with fewer cash traders active. Yet, they still establish Tuesday’s opening level — and at the moment, that level is trending down.
The risk lies in the tariff threat becoming official policy, or Europe responding with measures that hurt U.S. exporters and disrupt supply chains further. If the PCE reading comes in hotter than expected, it could push yields higher and force traders to reconsider bets on rate cuts. Conversely, a softer inflation figure or a swift trade de-escalation would put those holding short positions at risk.
Traders kick off Tuesday, Jan. 20, with earnings from Netflix and 3M hitting the tape early. Then on Thursday, Jan. 22, all eyes turn to the PCE inflation report alongside Intel’s earnings — a combo likely to influence sentiment heading into the weekend.
