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Stocks fell and gold hit a new record as trade tensions between the United States and Europe intensified over President Donald Trump’s push to take control of Greenland. Investors treated the dispute as a renewed tariff risk and reduced exposure to equities.
The New York Stock Exchange (NYSE) also said it is building a blockchain-based venue for tokenized stocks and exchange-traded funds (ETFs) that could trade around the clock, pending regulatory approval.
S&P 500 futures fell 1.1% as of 10:03 a.m. New York time, and NASDAQ 100 futures fell 1.4%. Dow Jones Industrial Average futures declined 0.9%, while the Stoxx Europe 600 dropped 1.1%.
Gold rose 1.6% to $4,669.93 an ounce, while the Bloomberg Dollar Spot Index fell 0.3%. The euro rose 0.4% to $1.1643. Bitcoin fell 2.6% to $92,924.06, and Ether fell 3.7% to $3,217.46. Germany’s 10-year yield was little changed at 2.83%, and Britain’s 10-year yield was little changed at 4.40%.
Trump threatened levies on countries that oppose his bid to claim authority over Greenland. European officials signaled they were unlikely to back down and discussed retaliation.
The European Union (EU) is in talks to impose tariffs on €93 billion of US goods if Trump follows through on a threatened 10% levy. Trump said the tariffs would rise to 25% unless there is a deal for the purchase of Greenland.
French President Emmanuel Macron intended to request activation of the EU’s anti-coercion instrument, Bloomberg reported. German leader Friedrich Merz said Germany’s export exposure makes it less willing to deploy the countermeasure.
Investors also tracked a pending US Supreme Court ruling on some of Trump’s earlier tariffs, with a decision possible as soon as Tuesday.
NYSE, owned by Intercontinental Exchange Inc. (ICE), plans to combine its buyer-seller matching technology with private blockchain networks to support trading in tokenized securities.
Michael Blaugrund, vice president of strategic initiatives at ICE, said the company is in active dialogue with the US Securities and Exchange Commission (SEC). He said ICE aims to launch the platform later this year, pending approval.
ICE said the infrastructure could allow trades to be funded and settled in real time, rather than the one-day delay used in today’s equity markets. The company said it is also exploring clearing infrastructure and working with banks on tokenized deposits for funding outside traditional hours.
Company news added detail to the session, with dealmaking, supply constraints, and litigation in focus. Several Europe-facing names also moved amid tariff concerns.
Bayer shares surged 6.8% in Frankfurt after the US Supreme Court said it would hear the company’s appeal in a Roundup case. The decision could undercut thousands of lawsuits tied to the weedkiller.
Zurich Insurance Group AG offered to buy Beazley Plc, valuing it at about £7.67 billion ($10.3 billion).
De Beers cut official diamond prices for the first time in more than a year, people familiar with the matter said.
Micron Technology Inc. said the memory chip shortage accelerated and will last beyond this year.
Apple Inc. retook the top spot in China after iPhone shipments jumped 28%, according to Counterpoint Research.
Tesla Inc. Chief Executive Officer Elon Musk said Tesla will resume work on the Dojo3 project.
Musk linked the restart to progress on the design of Tesla’s AI5 chip.
LVMH fell 4% after Morgan Stanley cut the stock to equal-weight from overweight.
Adidas fell 3.9% after Bank of America’s forecast for the fourth quarter stated that sales could undershoot expectations.
ASM International gained 2.5% after reporting preliminary orders well ahead of consensus estimates.
Infineon fell 3.2%, Vestas fell 3.2%, BMW fell 4.4%, Volkswagen fell 3.4%, and Mercedes fell 3.6%.
US markets now hinge on whether EU talks produce formal measures and whether the SEC approves tokenized trading venues. Tuesday’s court decision could shape sentiment.
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