Stock futures pointed to big losses on Wall Street on Tuesday after President Donald Trump intensified his rhetoric on Greenland, threatening to impose new tariffs on countries opposing the sale of the Danish territory to the United States. Treasury yields spiked and the U.S. dollar declined as Trump’s threat caused a flight from U.S. assets. Futures data last pointed to a drop of 616 points, or 1.2%, for the Dow Jones Industrial Average. The S&P 500 is poised to shed 1.4%, while the implied open for the Nasdaq was last pointing to a loss of 1.7%. The S&P 500′s projected loss would be the biggest drop for the benchmark in two months. Trump announced in a Truth Social post on Saturday that eight NATO members’ U.S. imports will face escalating tariffs “until such time as a Deal is reached for the Complete and Total purchase of Greenland.” The tariffs will start at 10% on Feb. 1 and rise to 25% on June 1, Trump said. Trump then threatened to slap 200% tariffs on French wines and champagne, amid reports that the country’s president, Emmanuel Macron, is unwilling to join his so-called Board of Peace. Trump also hit out at the U.K., labeling the British government’s plan to hand over sovereignty of the Chagos Islands — one of which is the site of a U.K.-U.S. military base — to Mauritius as an “act of great stupidity.” He said the move was “another in a very long line of National Security reasons why Greenland has to be acquired.” The U.S. stock market was closed Monday for the Martin Luther King holiday. “With the US off yesterday the implications of the tariff threats over Greenland had yet to fully percolate through financial markets,” Deutsche Bank’s Jim Reid said in a Tuesday morning note. “Markets have reacted but there’s clearly room for bigger moves if the rhetoric increases further.” There’s “growing fears about some kind of retaliatory trade escalation from Europe, with increasingly strong comments from several officials,” Reid added. European leaders have described Trump’s fresh tariff threats as “unacceptable,” and are reportedly considering countermeasures — with France said to be pushing for the European Union to use its strongest economic counter-threat, known as the “Anti-Coercion Instrument.” Trump, who is due to speak at the World Economic Forum in Davos, Switzerland, on Wednesday, said he had agreed to speak with European leaders at the conference to discuss his Greenland ambitions. Treasury Secretary Scott Bessent defended Trump’s proposed takeover of Greenland to CNBC Tuesday. “That will stop any kind of a kinetic war, so why not pre-empt the problem before it starts?” said Bessent. Tuesday was set to be a broad sell-off with few stocks higher in early trading. Technology shares, most at risk from a move by investors into safe havens and a spike in yields slowing the economy, led the losses. Nvidia, AMD and Alphabet were all off by more than 2%. The Cboe’s Volatility Index, Wall Street’s “Fear Gauge,” jumped above 19, its highest levels since November. This week, quarterly financial results are expected from a range of companies, including Netflix, Charles Schwab, Johnson & Johnson and Intel. Guidance from companies this year is crucial to sustain bullish sentiment for U.S. stocks. The S&P 500 is already expected to post earnings growth of 12% to 15%. U.S. Treasury yields jumped on Tuesday as investors weighed renewed tariff threats from Washington that revived fears of a trade war with Europe and spurred a flight from U.S. assets. Yields on the benchmark 10-year Treasury were last seen trading more than 5 basis points higher at 4.289%. Yields on longer-dated 20- and 30-year Treasurys spiked, adding more than 8 basis points to trade at around 4.88% and 4.925%, respectively. Along with U.S. equities, the U.S. dollar came under pressure. The dollar index was last down around 1%. Asia-Pacific markets fell Tuesday as investors assessed renewed U.S. tariff threats tied to Greenland, raising concerns about escalating trade tensions with Europe. Hong Kong’s Hang Seng Index rose 0.29% to 26,487.51, while mainland China’s CSI 300 slid 0.33% to 4,718.88 after heightened regulatory scrutiny following a surge in trading activity. Japan’s Nikkei 225 slid 1.11% to close at 52,991.1 while the Topix declined 0.84% to end at 3,625.6. South Korea’s Kospi declined 0.39% to 4,885.75 after hitting a record high, while the small-cap Kosdaq jumped 0.83% to 976.37. Yields on Japan’s 40-year government bond rose to 4% for the first time. Australia’s S&P/ASX 200 lost 0.66% to 8,815.9. Oil prices were up slightly on Monday, after the previous session’s rise, as Iran’s deadly crackdown on protests quelled civil unrest, narrowing chances for a U.S. attack on the major Middle Eastern producer that could disrupt supplies. Brent crude was trading at $64.19 a barrel by 0327 GMT, up 6 cents or 0.09%. U.S. West Texas Intermediate for Feb. rose 9 cents, or 0.15%, to $59.53 a barrel. That contract expires on Tuesday and the more active March contract was at $59.39, up 5 cents, or 0.08%. Gold and silver prices climbed fresh peaks on Monday, as investors flocked to safe-haven assets on intensifying tensions, after U.S. President Donald Trump threatened to impose extra tariffs on European countries over the control of Greenland. Spot gold rose 1.5% to $4,663.37 per ounce by 0335 GMT, after scaling an all-time high of $4,689.39. U.S. gold futures for Feb. delivery jumped 1.6% to $4,669.90 per ounce.