NEW YORK — Global stocks rose and U.S. futures climbed Thursday after President Donald Trump backed down from fresh tariff threats tied to Greenland, easing fears of a renewed trade shock for investors. The quick pivot in Trump tariffs rhetoric steadied risk appetite as traders also weighed a Supreme Court fight over Federal Reserve independence and prepared for Intel’s results, Jan. 22, 2026.
Trump tariffs U-turn sparks relief rally
U.S. stock index futures pointed higher early Thursday, with Dow e-mini futures up 0.41%, S&P 500 e-minis up 0.60% and Nasdaq 100 e-minis up 0.87%, according to a Reuters futures report.
The rebound followed Wednesday’s sharp comeback in major U.S. indexes after Trump backed away from threatened Trump tariffs aimed at eight European countries as leverage in a dispute over Greenland. In Europe, the STOXX 600 climbed 1.2% as volatility cooled, Reuters reported, adding that Trump said he withdrew the tariff threat after meeting with NATO Secretary General Mark Rutte.
Some investors warned that rapid reversals do not erase longer-term risk. “The hidden risk is complacency,” said Matthew Tuttle, CEO of Tuttle Capital Management.
Supreme Court weighs bid to remove Fed’s Lisa Cook
In Washington, the Supreme Court appeared inclined to keep Federal Reserve Gov. Lisa Cook in her job while her challenge to Trump’s attempt to fire her continues, according to The Associated Press account of the arguments.
The case stems from allegations that Cook committed mortgage fraud — claims she denies and for which she has not been charged. Justice Brett Kavanaugh said letting her firing proceed “would weaken, if not shatter, the independence of the Federal Reserve,” the AP reported. The justices are weighing whether Cook can remain on the board while lower courts consider the dispute, with a decision expected by early summer.
The clash arrives against a long legal backdrop over presidential removal power, including Humphrey’s Executor v. United States, a 1935 decision that upheld protections for some independent-agency officials.
Intel earnings next
Intel is scheduled to report fourth-quarter and full-year 2025 results after the closing bell Thursday and to host a conference call at 2 p.m. PT, according to the company’s investor relations announcement. With chip stocks volatile, traders will be parsing margins and guidance as closely as the headline numbers.
Why tariffs still move markets fast
Even when a U-turn is swift, Trump tariffs can move prices because they threaten to reshape supply chains and corporate costs overnight. A February 2025 AP report on expanded steel and aluminum duties showed how quickly tariff policy can broaden beyond a single dispute.
Economists have warned that repeated tariff cycles can impose measurable costs. In a 2020 review of the U.S.-China trade war, Brookings argued that escalation carried significant economic pain — a history that helps explain why traders still react instantly to Trump tariffs headlines.
Next up, investors will watch U.S. inflation and growth data, plus any added detail from the White House on the Greenland framework. For markets that have learned to price rapid reversals, Trump tariffs policy and the Fed independence case remain key political wild cards heading into the weekend.
