And while geopolitics are the catalyst - as attention remains glued to see what Trump will say next on his Truth Social feed ahead of this week's Davos meetings - after Trump reignited his trade war with Europe, the moves are exacerbated by a meltdown in JGBs (in a historic move, 30Y JGB are +27bp, a 6-sigma move) which has triggered a global bond selloff. As of 8:00am ET, S&P futures are down 1.4%, but off their worst levels of the morning; Nasdaq futures slide 1.7%. Pre-market, all of Mag7 are lower alongside higher beta plays. Energy, Materials, Staples, and Utils are outperforming on the move lower. In the latest geopolitical news, the EU suggests a proportional response to Trump's Greenland demands but that the previous trade deal still holds as Trump threatens additional tariffs on France; at the same time, Bessent says that EU is not looking to exit their Treasury holdings after a report from Deutsche suggested Europe - which holds a record $8 trillion in US assets - could do just that. The yield curve is twisting steeper with belly to backend of the yield curve +3 – 9bp as DXY falls the most since late Aug. Commodities are today's safe haven led by nat gas (ahead of freezing polar blasts in both Europe and the US) and precious metals (gold and silver both at new record highs, gold rising above $4700 and silver fast approaching $100). Today's macro focus is the weekly ADP print and any updates from Davos as the market wants to see if today will be another TACO Tuesday. 

In premarket trading, Magnificent Seven stocks decline alongside other growth names (Amazon -2.4%, Alphabet -2.3%, Tesla -2.1%, Nvidia -2%, Meta Platforms -2.1%, Microsoft -1.5%, Apple -1.3%) 

Gold and silver miners, including Newmont (NEM) and Agnico Eagle (AEM), rise as investors to look for safe-haven assets after US President Donald Trump announced a new 10% levy on eight European countries opposed to his plans to seize Greenland. Newmont +3%, Agnico Eagle +3.6%

And as traders flee risk, decliners include crypto-linked stocks such as Coinbase (COIN), which is down 4%.

3M Co. (MMM) declines 4% after providing a 2026 adjusted earnings forecast range with a midpoint that fell slightly short of estimates. Adjusted earnings will be $8.50 to $8.70 a share in 2026, the maker of Post-it notes said. Analysts had expected $8.64 on average, according to the average of estimates compiled by Bloomberg.

AppLovin (APP) falls 7% after a negative research report by CapitalWatch. The stock was also weighed down by a broader tech selloff amid rising geopolitical tension.

Ciena Corp. (CIEN) drops 6% after BofA Global Research cut its recommendation to neutral from buy, citing valuation and future backlog.

ImmunityBio (IBRX) rises 23% after the drug developer said it held a Type B End-of-Phase meeting with the US FDA regarding its supplemental application for its drug to treat bladder cancer.

Netflix Inc. (NFLX) inches about 1% higher after reaching an amended, all-cash agreement to buy Warner Bros. Discovery Inc.'s studio and streaming business as it battles Paramount Skydance Corp. to acquire one of Hollywood's most iconic entertainment companies.