Wall Street benchmarks initially rose as President Donald Trump assured world leaders in Davos he would not pursue military action to acquire Greenland, labeling it a “big piece of ice.” His remarks spurred a relief rally, with major indexes climbing over 1% and easing market volatility.
Despite the upbeat start, the Nasdaq Composite relinquished some gains amid ongoing uncertainty in U.S.-Europe trade relations, especially after the European Parliament suspended work on a trade deal with the U.S. Banks and energy sectors performed well, supported by robust earnings.
Nvidia and Alphabet rebounded, each increasing by around 1.5%. Banks reported positive earnings, with notable performances from Charles Schwab and Citizens Financial Group. Conversely, Netflix and Kraft Heinz suffered declines, the latter due to possible divestiture by Berkshire Hathaway.