New York, January 19, 2026, 13:22 ET — Market closed.
U.S. tech giants dipped in European trading Monday as Nasdaq 100 futures dropped, following President Donald Trump’s threat to impose more tariffs on European countries over Greenland. Wall Street remained closed for Martin Luther King Jr. Day. Alphabet shares in Frankfurt slid 2.4%, with Nvidia and Microsoft both down 2.2%. Nasdaq 100 futures fell 1.25%. 1
The closure forces investors to rely on futures and overseas listings to gauge the next session, creating a thinner market prone to amplified swings. U.S. exchanges are set to reopen Tuesday. 2
The tariff threat sent shockwaves through the broader markets, driving investors to safer assets. George Lagarias, chief economist at Forvis Mazars, said, “It’s highly likely that the White House will use the threat of tariffs consistently, even when deals have previously been agreed.” Gold surged to $4,689 an ounce, while silver hit $94.08, according to Reuters. 3
According to Reuters, Trump’s weekend threat involves slapping a 10% tariff on goods from several European countries starting Feb. 1, jumping to 25% by June 1 if no Greenland deal materializes. Leonard Kwan, fixed income portfolio manager at T Rowe Price, called it “more noise than signal at this point.” 4
Futures trade almost nonstop and often shift while the stock market is closed, offering a swift snapshot of risk appetite. Tariff news hits tech stocks hard since they rely heavily on global supply chains and foreign demand—and they’re a popular play in broad indexes.
Chip sentiment faces another checkpoint this week as Intel prepares to release its earnings after the market closes on Jan. 22, followed by a conference call at 2 p.m. PT. 5
On Jan. 22, the U.S. Bureau of Economic Analysis will release its Personal Income and Outlays report for October and November 2025 at 10:00 a.m., per the agency’s schedule. 6
The report features the Personal Consumption Expenditures (PCE) price index, measuring price shifts for goods and services purchased by U.S. consumers. 7
For now, traders await responses from European capitals and hope the White House fleshes out its threats into concrete policy. With U.S. cash trading paused for the holidays, moves in proxies could reverse quickly once it resumes.
Bears face the risk that the Greenland dispute fizzles out and the tariff threat remains just talk, boosting growth stocks that drive major indexes. On the flip side, a tit-for-tat trade battle could hit corporate guidance hard right as earnings season kicks off.
Tech stocks often drive bigger moves thanks to their hefty weight in index funds and their role as a quick barometer for risk appetite. This impact usually surfaces first in Nasdaq futures, well ahead of the reopening of individual shares.
Netflix will release its fourth-quarter earnings and forecast on Tuesday, Jan. 20, around 1:01 p.m. Pacific time. 8
