US stock futures slide as Trump’s Greenland tariffs rattle markets

U.S. stock index futures fell on Monday evening after President Donald Trump over the weekend threatened trade tariffs on several major European countries over Greenland.

Markets were also largely cautious before a string of key corporate earnings this week, while overall trading volumes were dulled by the Martin Luther King Jr. Day holiday. Wall Street did not trade on Monday.

S&P 500 Futures fell 1% to 6,908.0 points by 18:51 ET (23:51 GMT). Nasdaq 100 Futures fell 1.2% to 25,382.0 points, while Dow Jones Futures fell 0.9% to 49,127.0 points.

Trump threatens Europe with up to 25% tariffs for Greenland

Futures retreated following steep losses across global markets on Monday, after Trump said he will impose up to 25% trade tariffs on several European nations until a deal to hand Greenland over to the U.S. is achieved.

The duties will initially start at 10% from early-February, and will increase to 25% if a deal is not achieved by July. Reports said Trump’s renewed push for Greenland was driven chiefly by his failure to win a Nobel Peace Prize.

Trump’s tariffs were condemned by European leaders, who also broadly rejected his demands for the Danish territory. Trump on Monday also declined to tell NBC News whether he will use military force to seize Greenland.

Risk-driven markets were battered by the heightened geopolitical uncertainty, with reports stating that European nations were also planning retaliatory economic measures against the United States.

Safe havens such as gold rallied to record highs on Monday.

Focus was now on whether Trump will proceed with his tariffs or back down at the last moment– a trend that was seen with several of the president’s tariff threats in 2025.

But markets also remained wary of any U.S. military action, especially after Washington’s incursion in Venezuela at the beginning of the year.

Netflix, J&J set to report earnings

Beyond global geopolitical tensions, focus this week will be squarely on more upcoming December quarter earnings.

Netflix Inc (NASDAQ:NFLX) and Johnson & Johnson (NYSE:JNJ) are the biggest companies set to report this week, on Tuesday and Wednesday, respectively.

3M Company (NYSE:MMM) and U.S. Bancorp (NYSE:USB) are set to report on Tuesday, while Charles Schwab Corp (NYSE:SCHW), Prologis Inc (NYSE:PLD), and Halliburton Company (NYSE:HAL) will report on Wednesday.

GE Aerospace (NYSE:GE), Intel Corporation (NASDAQ:INTC), Procter & Gamble Company (NYSE:PG), and Abbott Laboratories (NYSE:ABT) are set to report later in the week.

Investors will be watching the prints for more cues on corporate health in the world’s largest economy, especially after a swathe of major bank earnings were a mixed bag last week.

Despite recent weakness, Wall Street futures remained close to record highs after a strong tech-driven rally through late-2025 and early-2026.