It's turning out to be one of those weeks where investors wish they could just skip straight to Friday. U.S. stock futures plunged Tuesday morning, picking up right where they left off after a brutal end to last week's trading session. The holiday break apparently didn't give anyone enough time to forget about President Donald Trump's latest tariff threats, this time targeting Europe over the Greenland dispute.

The selloff was broad and painful. Futures tracking major benchmark indices were all deeply in the red as traders digested the ongoing trade tensions. The 10-year Treasury bond yielded 4.28%, while the two-year bond sat at 3.57%. According to the CME Group's FedWatch tool, markets are pricing in a 95% likelihood that the Federal Reserve will keep interest rates unchanged at its January meeting. Translation: don't expect any cavalry riding to the rescue in the form of rate cuts.

Looking at Friday's carnage, the numbers tell the story. The Dow Jones dropped 1.66%, the S&P 500 fell 1.79%, the Nasdaq 100 tumbled 2.23%, and the Russell 2000 declined 2.17%. None of the major indices were spared.

The SPDR S&P 500 ETF Trust (SPY) and Invesco QQQ Trust ETF (QQQ), which track the S&P 500 and Nasdaq 100 respectively, extended their losses in premarket trading Tuesday. SPY was down 1.70% at $679.90, while QQQ declined 2.08% to $608.15.

Companies Making Moves

BHP Group Defies Production Records

BHP Group Ltd. (BHP) was trading 1.65% lower in premarket Tuesday, which is a little puzzling given the company just lifted its copper production guidance after setting new operational records in both copper and iron ore for the half year ended December 31, 2025. Apparently even record-breaking production numbers can't fight the broader market tide when tariff fears are running hot.

According to market data, BHP maintains a weaker price trend over the short, medium, and long term, though it does have a solid quality ranking.

Alibaba Faces Cloud Competition

Alibaba Group Holding Ltd. (BABA) dropped 2.35% after the Financial Times reported that ByteDance, the company behind TikTok, is launching an aggressive assault on Alibaba's dominance in China's cloud market. ByteDance's strategy involves deep discounts and AI-driven tools, which is basically the tech industry's version of showing up to a knife fight with a bazooka.

Despite the pressure, market data indicates that BABA maintains a strong price trend over short, medium, and long term, with a robust growth ranking. The stock has been resilient, but this new competitive threat adds an interesting wrinkle to the story.

Taiwan Semiconductor's U.S. Expansion Plans

Taiwan Semiconductor Manufacturing Co. Ltd. (TSM) declined 1.21% despite a Wall Street Journal report that the company is planning a massive expansion of its U.S. manufacturing footprint. The move is designed to mitigate geopolitical risks and satisfy a new trade deal with the Trump administration. It's the kind of news that would normally send a stock higher, but in this market environment, even good news can't catch a bid.

TSM maintains a stronger price trend over the short, medium, and long term with a strong value ranking, according to market data.

United Airlines Awaits Earnings Verdict

United Airlines Holdings Inc. (UAL) was 2.26% lower as investors braced for the company's quarterly earnings report, scheduled for release after the closing bell. Analysts are projecting earnings of $2.94 per share on revenue of $15.40 billion. Airlines have had a rough go of it lately, dealing with everything from operational challenges to fluctuating fuel costs, so these numbers will be closely watched.

UAL maintains a stronger price trend over the short, medium, and long terms with a solid growth ranking, per market data.

Netflix's Earnings in the Spotlight

Netflix Inc. (NFLX) shares rose a modest 0.15% ahead of its earnings release, also scheduled for after the closing bell. Analysts expect the streaming giant to post quarterly earnings of 55 cents per share on revenue of $11.97 billion. Netflix has been on a wild ride over the past year as it navigates the increasingly competitive streaming landscape and its crackdown on password sharing.

NFLX maintains a weaker price trend over the short, medium, and long terms with a strong quality ranking, according to market data.

What Happened Friday

Friday's session was a mixed bag, with certain sectors holding up better than others. Energy, industrials, and real estate stocks posted the biggest gains on the S&P 500, while communication services and health care issues bucked the trend to close lower.

By the closing bell, the Dow Jones stood at 49,359.33, down 0.17%. The S&P 500 finished at 6,940.01, off 0.064%. The Nasdaq Composite closed at 23,515.39, down 0.062%. The Russell 2000 actually managed a gain of 0.12%, ending at 2,677.74.

A Warning About Global Debt

Here's something that should keep you up at night: Robin Brooks, Senior Fellow at the Brookings Institution, is warning that a "thoroughly alarming" rise in long-term government bond yields is being masked by falling short-term rates. His take? This could signal the potential start of a global debt crisis.

While most investors are focused on recession-driven rate cuts, Brooks argues that the underlying demand for government debt is fracturing. By stripping out short-term volatility, his analysis reveals that markets are increasingly reluctant to fund the post-COVID debt binge. "The economics profession really has no idea at what level debt… becomes unsustainable," Brooks notes, describing the current landscape as "very scary."

The danger is most acute outside the U.S. Forward yields in Japan and the UK have reached "unprecedented" levels, while fiscal issues in France remind markets that Eurozone debt risks still "fester." Even safe havens like Germany are seeing yield spikes.

Brooks concludes that while the U.S. benefits from some safety inflows, it's being pulled upward by this global tide. The synchronized rise in borrowing costs across the G10, he writes, is "deeply alarming." In other words, this isn't just one country's problem anymore—it's everybody's problem.

Economic Calendar This Week

Here's what investors will be keeping an eye on this week:

• Tuesday has no scheduled data releases, giving everyone a breather to process the market chaos.
• Wednesday brings the delayed report of October's construction spending, along with December's pending home sales data, both releasing by 10:00 a.m. ET.
• Thursday is packed. Initial jobless claims data for the week ending January 17 and the first revision of third-quarter GDP will be out by 8:30 a.m. November's delayed report for personal income, spending, and PCE data will be announced by 10:00 a.m. ET.
• Friday wraps up the week with S&P flash U.S. services and manufacturing PMI releasing by 9:45 a.m., and January's final consumer sentiment data dropping by 10:00 a.m. ET.

Commodities, Crypto, and Global Markets

Crude oil futures were trading lower in the early New York session, down 0.10% to hover around $59.28 per barrel. Energy traders are watching demand signals closely as economic uncertainty mounts.

Gold Spot US Dollar rose 1.22% to hover around $4,735.87 per ounce, nearing its record high of $4,737.45 per ounce. When investors get nervous, they buy gold—and apparently, they're pretty nervous right now. The U.S. Dollar Index spot was 0.95% lower at the 98.4500 level.

Meanwhile, Bitcoin (BTC) was trading 2.28% lower at $90,898.68 per coin. The cryptocurrency has been struggling to find direction as macro uncertainty weighs on risk assets across the board.

Asian markets closed lower on Tuesday, with China's CSI 300, Japan's Nikkei 225, Hong Kong's Hang Seng, India's Nifty 50, Australia's ASX 200, and South Korea's Kospi indices all posting losses. European markets were also lower in early trade, continuing the global selloff that's making this week feel particularly unpleasant for anyone long equities.