The major averages suffered their big loss in months as 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. The Dow Jones Industrial Average fell 870 points, or 1.76%, to end the session at 48,488.59. The S&P 500 dropped 2% or 143 points to settle at 6,796.86. The Nasdaq Composite slid 2.39% or 561 points to 22,954.

Interest rates rose as the U.S. dollar declined as Trump’s threat caused a flight from U.S. assets with Denmark selling their treasures. The 10-year Treasury rose 6 basis points to 4.29%. Yields on 30-year Treasurys rose 8 basis points to 4.92%.

No many stocks were higher today. Last week’s diamond, Micron, was modestly higher with Intel which reports this week. The rest of the chips and techs were lower. All the big cap techs were lower, all down 2% or more except for Microsoft.

Consumer defensive sector and stocks were higher. Last week’s dog, Verizon, a defensive stock, was modestly higher.

In the commodity space, oil was up 2% on supply disruptions and geopolitical concerns. Gold and Silver were strong up 3% and 6% respectively on geopolitical concerns. Crypto currencies were hit hard down 4% or more.

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