Nasdaq Futures were set to decline at the open on Tuesday following President Donald Trump’s threat to impose new tariffs on eight NATO allies for their opposition to his proposed sale of Greenland to the U.S. Futures for the Nasdaq 100, S&P 500, and Dow Jones Industrial Average fell by 1.9%, 1.6%, and 1.3%, respectively, after Trump stated on his Truth Social network over the weekend that these allies would incur 10% U.S. import tariffs starting February 1, escalating to 25% tariffs beginning June 1 “until such time as a Deal is reached for the Complete and Total purchase of Greenland.”

Big tech stocks led premarket declines Tuesday, with shares of Magnificent Seven firms Nvidia, Alphabet, Amazon, Meta Platforms, and Tesla all down between roughly 2.5% and 3%. Trump indicated he will engage with “various parties” regarding Greenland during the World Economic Forum in Davos, Switzerland, where he is anticipated to address housing affordability on Wednesday. In the interim, market participants will be monitoring the U.S. Supreme Court, which is poised to deliver a decision regarding the legality of Trump’s “Liberation Day” tariffs.

The yield on the 10-year Treasury, a key determinant of interest rates across various consumer loans such as mortgages, increased by seven basis points to approximately 4.30%. Concurrently, safe-haven gold and silver futures reached new all-time highs, exceeding $4,740 per ounce and $95.40 per ounce, respectively. Bitcoin was trading at approximately $91,300, a decline from overnight peaks of about $93,300.

The U.S. dollar index, which monitors the value of the greenback relative to a selection of global currencies, experienced a decline of approximately 1%, settling at 98.46. West Texas Intermediate crude futures, the U.S. benchmark, increased by 0.4% to $59.70 a barrel. Netflix shares ticked higher ahead of quarterly results after the close Tuesday. Shares of 3M declined 2% following the release of its results before the bell.