Stocks Pressured by US and European Standoff Over Greenland

Economic Indicators - December pending home sales are expected to decline by -0.5% month-over-month [1] - Initial weekly unemployment claims are projected to increase by +12,000 to 210,000 [1] - Q3 GDP is anticipated to remain unchanged at +4.3% quarter-over-quarter annualized [1] - November personal spending is expected to rise by +0.5% month-over-month, while personal income is projected to increase by +0.4% month-over-month [1] - The November core PCE price index is expected to rise by +0.2% month-over-month and +2.8% year-over-year [1] - January S&P US manufacturing PMI is expected to increase by +0.2 to 52.0 [1] - The final University of Michigan January US consumer sentiment index is expected to remain unchanged at 54.0 [1] Stock Market Movements - US natural gas-producing stocks surged over +25% to a three-week high, with companies like Coterra Energy up more than +3% [2][15] - Gold and silver mining stocks are climbing as prices reach all-time highs, with Newmont Mining up more than +3% and Barrick Mining up more than +2% [2][14] - The S&P 500, Dow Jones Industrials, and Nasdaq 100 indexes fell to two-week lows, with declines of -1.23%, -1.07%, and -1.36% respectively [4] - The Magnificent Seven technology stocks are experiencing declines, with Nvidia and Tesla down more than -2% [12] - Cryptocurrency-exposed stocks are also down, with Bitcoin falling more than -2% [13] Earnings Reports - 88% of the 33 S&P 500 companies that have reported earnings so far have beaten expectations, with S&P earnings growth expected to climb by +8.4% in Q4 [5] - Excluding the Magnificent Seven, Q4 earnings are expected to increase by +4.6% [5] - 3M Co. is down more than -7% after forecasting 2026 adjusted EPS below consensus [16] - Fastenal reported Q4 net sales of $2.03 billion, below the consensus of $2.04 billion, leading to a decline of more than -4% [16] Bond Market - The 10-year T-note yield rose to a 4.75-month high of 4.31%, influenced by rising bond yields and concerns about an independent Fed [3][8] - Rising inflation expectations are bearish for T-notes, with the 10-year breakeven inflation rate climbing to a 3.25-month high of 2.342% [8] - European government bond yields are also increasing, with the 10-year German bund yield rising to a two-week high of 2.894% [10]