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Talk of the “Sell America” trade is making a big comeback this week as President Donald Trump’s latest tariff threats against European allies threaten a rerun of last April’s violent market spasms.
U.S. stock futures were pointing toward a sharp drop at the open, setting the major indexes up for their worst session of 2026. Nasdaq-100 futures
NQ00 were off by 451 points, or 1.8%, at 25,235. S&P 500 futures ES00 were off by 106 points, or 1.5%, at 6,869. Dow Jones Industrial Average YM00 futures were off by 713 points, or 1.5%, at 48,829. Small- and midcap stocks, which have outperformed their larger rivals in January, were also set to slide Tuesday.