Stock futures are ripping higher and at the session highs after this post from Trump:
Based upon a very productive meeting that I have had with the Secretary General of NATO, Mark Rutte, we have formed the framework of a future deal with respect to Greenland and, in fact, the entire Arctic Region. This solution, if consummated, will be a great one for the United States of America, and all NATO Nations. Based upon this understanding, I will not be imposing the Tariffs that were scheduled to go into effect on February 1st. Additional discussions are being held concerning The Golden Dome as it pertains to Greenland. Further information will be made available as discussions progress. Vice President JD Vance, Secretary of State Marco Rubio, Special Envoy Steve Witkoff, and various others, as needed, will be responsible for the negotiations — They will report directly to me. Thank you for your attention to this matter!
The S&P 500 is up 1.3%.
The market initially sniffed this out earlier today after Trump ruled out military action in Greenland. His stated case at Davos also made little sense, as the US is already allowed to build and operate military facilities for defense on the island.
Notable here is that there is a broader endorsement of NATO and some type of joint arctic defense. That’s a good sign for the continued existence of NATO and the trans-Atlantic alliance. It will also throttle back some of the worries about a schism between the US and Europe. Indeed, the US dollar is improving moderately on the headlines.
In the aftermath, gold prices are falling and back to flat on the session.
This article was written by Adam Button at investinglive.com.