U.S. tech futures are under pressure ahead of Tuesday’s open as concerns mount over President Donald Trump’s blocked Greenland acquisition and potential retaliatory tariffs with European nations.
The Invesco QQQ Trust Series, tracking the Nasdaq 100, dropped 2% in premarket trading following Monday’s Martin Luther King Jr. Day holiday.
Trump threatened a 10% tariff on Denmark and select European countries, which may respond in kind. Polymarket assigns just a 20% chance Trump secures Greenland before 2027.
Bitcoin fell to $90,000, down 8% from Thursday’s high, pressuring crypto-linked stocks. MicroStrategy (MSTR) dropped 6%, Galaxy Digital (GLXY) 8%, and IREN (IREN) 8%. Coinbase (COIN) and Circle Internet (CRCL) each declined about 5%, while all “Magnificent Seven” tech stocks slipped 1%-3%.
Safe-haven assets advanced, with gold above $4,700 (+9% YTD) and silver surpassing $95 (+32% YTD). U.S. Treasury yields rose, Japan’s 30-year bonds neared 4%, and the DXY dollar index fell 0.5% to 98.5, reflecting heightened market caution.
