NEW YORK, Jan 19, 2026, 12:05 EST — The market has closed.
- U.S. markets remain closed Monday for Martin Luther King Jr. Day; trading picks back up Tuesday.
- Shares of Alphabet, Nvidia, and Microsoft traded lower in Frankfurt, while Nasdaq 100 futures also dipped.
- Traders are eyeing a possible EU reaction along with a U.S. Supreme Court tariff decision expected as soon as Tuesday.
Shares of Nvidia (NVDA.O), Alphabet (GOOGL.O), and Microsoft (MSFT.O) dropped in European trade Monday, with Nasdaq 100 futures also slipping. The moves came after President Donald Trump threatened to expand tariffs on European nations amid a spat involving Greenland.
Wall Street was shut for the holiday, pushing action into thinner offshore trading. Still, the signal stood out: futures, which track an index before the cash market opens, indicated a softer start for U.S. stocks on Tuesday.
Shares of Alphabet in Frankfurt dropped 2.4%, with Nvidia and Microsoft both slipping 2.2%. Nasdaq 100 futures were last seen down roughly 1.25%.
Trade headlines are stirring nerves again, especially with U.S. tech stocks looking stretched after their recent surge. “I’m sure that there are a lot of people … thinking about how they hold their assets,” noted Francesca Fornasari, head of currency solutions at Insight Investment. Source
On Saturday, Trump warned he would hike tariffs on products from multiple European nations unless the U.S. is permitted to purchase Greenland. According to Reuters, the duties would begin at 10% on Feb. 1 and jump to 25% by June 1.
On Friday in U.S. cash trading, Nvidia closed at $187.13, Alphabet finished at $332.84, and Microsoft ended the session at $456.81, based on market data.
The New York Stock Exchange and Nasdaq will be closed Monday in observance of Martin Luther King Jr. Day. Regular trading is scheduled to resume Tuesday.
Some investors think the market might be overreacting to weekend chatter. “For the most part so far it would appear to be more noise than signal at this point,” said Leonard Kwan, a fixed income portfolio manager at T Rowe Price. Source
Risks cut both ways. If European capitals strike back or Washington ramps up tensions, it could trigger a swift “sell U.S.” wave, dragging down equities, the dollar, and credit simultaneously.
Legal uncertainty looms as the U.S. Supreme Court may soon decide on a challenge to broad tariffs set under an emergency law, with a ruling possible as early as Tuesday, Reuters reported. U.S. Trade Representative Jamieson Greer told the New York Times the administration is prepared to quickly reinstate tariffs if the court invalidates them.
Investors are shifting focus to the Federal Reserve’s policy meeting scheduled for Jan. 27-28, with the press conference set for Jan. 28. This event could serve as the next major checkpoint for rate expectations after a volatile start to the year.
Tuesday’s focus will be on whether U.S. futures steady before the cash session begins — and if the tariff debate eases or intensifies ahead of the week’s first Supreme Court opinion day on Jan. 20.
