The Dow tumbled more than 600 points on Tuesday as investors assessed the impact of Trump’s intensifying push to take control of Greenland.
Investors aren’t so sure about the TACO trade anymore.
After spending much of 2025 doubting the president over everything from tariffs to threats to fire Jerome Powell, investors are feeling very anxious about Donald Trump’s fight over Greenland.
The sell America trade was in the spotlight again on Tuesday amid the latest turmoil.
US stocks plunged as investors took in the latest tariff threats targeting eight European Union countries if Denmark doesn’t put Greenland up for sale by the start of February. EU leaders have discussed hitting back with tariffs of their own.
Major indexes were down sharply. The Dow dropped more than 700 points as traders reacted to the latest developments and sought shelter in defensive assets like gold and silver.
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Long-dated US Treasury yields spiked, while the US dollar declined against a basket of other currencies.
Here’s where US indexes stood shortly after the 9:30 a.m. opening bell on Tuesday:
S&P 500: 6,839.96, down 1.4%
Dow Jones Industrial Average: 48,656.14, down 1.42% (-703.19 points)
Nasdaq composite: 23,115.495, down 1.7%
Here were other big moves across markets:
10-year US Treasury yield: 4.
