The Dictatorship
Asian shares fall, gold prices hit a record on Trump’s tariff threats
NEW YORK (AP) — The U.S. stock market bounced back from its worst day since October on Wednesday after President Donald Trump said he reached the framework for a deal about Greenland, an island he’s long coveted, and won’t impose tariffs he had threatened on several European countries.
The S&P 500 rallied 1.2% after Trump said the deal, “if consummated, will be a great one for the United States of America” and its allies in the North Atlantic region. The announcement triggered an immediate move higher in the stock market, which found solace earlier in the day after Trump ratcheted down his rhetoric and told business and government leaders in Europe that he would not use force to take “the piece of ice.”
The de-escalation in tensions helped the S&P 500 recover just over half of its 2.1% drop from the day before and pull closer to its all-time high set earlier this month. The Dow Jones Industrial Average jumped 588 points, or 1.2%, and the Nasdaq composite climbed 1.2%.
Treasury yields also eased in the bond market in another signal of reduced worries among investors. Besides the progress on Greenland, they also got help from a calming of yields in Japan’s jumpy bond market. The value of the U.S. dollar, meanwhile, clawed back some of its declines against other currencies after sliding the day before.
Trump himself acknowledged how the U.S. stock market sold off on Tuesday because of his desire for Greenland, but he called it “peanuts compared to what it’s gone up” in the first year of his second term and said it would go up further in the future.
Trump has a history of making big threats that send financial markets sliding, only to pull back later and reach deals that are seen as less bad for the economy or for inflation than his initial suggestion.
On one hand, the pattern has given rise to the “TACO” acronym suggesting “Trump Always Chickens Out” if financial markets react strongly enough. On the other, Trump has ultimately struck deals that outsiders may have earlier considered unlikely, ones that he’s crowed about later. The most obvious example is Trump’s announcement of high tariffs on “Liberation Day,” which eventually led to trade deals with many of the world’s major economies.
AP AUDIO: Wall Street steadies after Trump says he won’t use force to take Greenland
Wall Street rose in morning trading.
Helping to lead the U.S. stock market Wednesday was Halliburton. The oil field services company rose 4.1% after reporting a stronger profit for the latest quarter than analysts expected.
United Airlines climbed 2.2% after likewise reporting a better profit for the final three months of 2025 than analysts expected. CEO Scott Kirby said that the airline’s strong momentum in revenue is continuing into 2026.
They helped offset a 2.2% drop for Netflix. The streamer sank even though it reported a stronger profit than expected. Investors focused instead on its slowing subscriber growth and its lower-than-expected forecast for profit in the current quarter.
Kraft Heinz sank 5.7% after Berkshire Hathaway warned investors that it may be interested in selling its 325 million shares in the food giant that former CEO Warren Buffett helped create in 2015.
Berkshire took a $3.76 billion write-down on its Kraft-Heinz stake last summer. Buffett said last fall that he was disappointed in Kraft Heinz’ plan to split the company in two, and Berkshire’s two representatives resigned from the Kraft board last spring.
All told, the S&P 500 rose 78.76 points to 6,875.62. The Dow Jones Industrial Average climbed 588.64 to 49,077.23, and the Nasdaq composite gained 270.50 to 23,224.82.
In the bond market, the yield on the 10-year Treasury eased to 4.25% from 4.30% late Tuesday. That’s almost all the way back to the 4.24% level where it was at on Friday.
That was before Trump threatened to impose 10% tariffs on Denmark, Norway, Sweden, Germany, France, the United Kingdom, the Netherlands and Finland for opposing U.S. control of Greenland. That would have been on top of a 15% tariff specified by a trade agreement with the European Union that has yet to be ratified.
In stock markets abroad, indexes were mixed in mostly modest movements across Europe and Asia.
Japan’s Nikkei 225 slipped 0.4%.
The country’s prime minister, Sanae Takaichi, has called a snap election for Feb. 8, which had sent yields of long-term government bonds to record levels and raised worries across global financial markets. The expectation is that Takaichi, who is capitalizing on strong public support ratings, will cut taxes and boost spending and increase the government’s already heavy load of debt.
After surging as high as 4.22% on Tuesday, the yield on the 40-year Japanese government bond pulled back to 4.05% Wednesday.
___
AP Business Writers Chan Ho-him and Matt Ott contributed.
The Dictatorship
Amanda Gorman honors Alex Pretti in new poem
Amanda Gorman shared a powerful poem on Instagram that she wrote in honor of Alex Pretti, the 37-year-old ICU nurse and U.S. citizen killed by a federal immigration officers in Minneapolis, Minnesota, on Saturday.
The poem, “For Alex Jeffrey Pretti,” characterizes Pretti’s killing as a “betrayal” and an “execution.”
Gorman, earlier this month, also paid tribute to Renee Nicole Good, another U.S. citizen killed by a federal immigration officer in Minneapolis on Jan. 7. In a caption accompanying another poem shared on Instagram, Gorman said she was “horrified by the ongoing violence that ICE wages upon our community. Across our country, we are witnessing discrimination and brutality on an unconscionable scale.”
Her poem says, in part: “You could believe departed to be the dawn/ When the blank night has so long stood./ But our bright-fled angels will never be fully gone,/ When they forever are so fiercely Good.”
The 27-year-old writer and activist famously recited her poem, “Blue Light News We Climb,” at Joe Biden’s presidential inauguration in 2021. Gorman has also written poems in the wake of other tragedies in the country, including “Hymn for the Hurting,” about the Robb Elementary mass shooting in Uvalde, Texas in 2022. She also performed a poem she wrote about reproductive rights and the Roe V. Wade Supreme Court case in a NowThis video in 2019.
Erum Salam is a breaking news reporter and producer for MS NOW. She previously was a breaking news reporter for The Guardian.
The Dictatorship
Ted Cruz bashes Vance and Trump in secret recordings
Sen. Ted Cruz, R-Texas, in recordings obtained by Axiosseems to have a bone to pick with Vice President JD Vance and sometimes, President Donald Trump.
In his remarks, which lasted about 10 minutes and were reportedly made in a private meeting with donors sometime last year, Cruz portrays himself as an economically-minded, pro-interventionist who has the president’s ear.
The Texas senator is also heard criticizing former Fox News personality, Tucker Carlson, and his relationship with the vice president. “Tucker created JD. JD is Tucker’s protégé, and they are one and the same,” Cruz told donors.
Cruz, who has clashed with Carlson in the past over foreign intervention policies, bashed the administration’s appointment of Israel critic Daniel Davis to a top national intelligence position. A vocal supporter of Israel himself, Cruz called Davis “a guy who viciously hates Israel,” and credited himself with removing Davis from the job.
The Republican senator also blamed Vance and Carlson for ousting former national security adviser Mike Waltz over similar anti-interventionist sentiments related to Iran.
“[Waltz] supported being vigorous against Iran and bombing Iran — and Tucker and JD took Mike out,” Cruz said.

Cruz also said he has been trying to get the White House to accept a trade agreement with India, but claimed White House economic adviser Peter Navarro, Vance and “sometimes” Trump, are resistant.
Domestically, Cruz cautioned donors about Trump’s tariffs, which he said could result in severe economic and political consequences. Cruz is reportedly heard telling donors that he told the president “if we get to November of [2026] and people’s 401(k)s are down 30% and prices are up 10–20% at the supermarket, we’re going to go into Election Day, face a bloodbath.”
Cruz said a conversation he had with Trump about tariffs “did not go well,” and that Trump was “yelling” and “cursing.” Cruz said Trump told him: “F*** you, Ted.”
“Trump was in a bad mood,” Cruz said. “I’ve been in conversations where he was very happy. This was not one of them.”
In a statement about the recordings, a spokesperson for Cruz said he is “the president’s greatest ally in the Senate and battles every day in the trenches to advance his agenda. Those battles include fights over staffers who try to enter the administration despite disagreeing with the president and seeking to undermine his foreign policy” and that “these attempts at sowing division are pathetic and getting boring.”
In an email responding to MS NOW’s request for comment on Cruz’s reported statements, the White House did not address Cruz’s statements.
Erum Salam is a breaking news reporter and producer for MS NOW. She previously was a breaking news reporter for The Guardian.
The Dictatorship
The real reason Trump and MAGA are so quick to blame Minneapolis shooting victims
Alex Pretti was shot to death on the sidewalk of a street in Minneapolis after he didn’t leave when federal agents demanded he leave. Renee Good was shot to death in her car on a street in Minneapolis because she tried to leave when federal agents demanded she not.
Advocates of President Donald Trump’s administration will cite this disobedience as a central factor in Pretti and Good’s deaths. Each has been assigned a contrived danger, as well, to reinforce the urgent need for their killings: Pretti had a gun (that he doesn’t appear to have drawn) and Good had her car (that she doesn’t appear to have used as a weapon).
But their central offense, among those eager to champion Trump’s politics and policies, was their failure to be pliant. They were at odds with the state and, well, sometimes that’s punishable by death.
It is stunning, though not surprising, to see the president of the United States and sworn federal officials impugn dead citizens so callously.
It has been posited that the eagerness with which Trump and his allies have defended Immigration and Customs Enforcement agents against charges of excessive force, and the alacrity with which they assign blame to the victims of those shootings, demonstrates hypocrisy, given their collective willingness to absolve — to beatify! — the rioters at the Capitol on Jan. 6, 2021. They, too, defied state authority and, in many cases, far more aggressively. But they are hailed as heroes by the current administration.
But this isn’t hypocrisy at all. It’s consistent. If you object to or impede their politics, they will hurt you. That is the consistency and it is why off-duty police were in the mob on Jan. 6 and why Trump supporters defend ICE today. It’s not the badge that matters. It’s the red cap.
The most jarring element of the response to Pretti’s death and to Good’s death is the speed with which the administration has disparaged the victims rather than the perpetrators. Each of them was also immediately asserted to have been a premeditated, violent actor. A terrorist. When each, instead, was at the scene of their unwitting deaths because they were part of and supportive of their community.
It is stunning, though not surprising, to see the president of the United States and sworn federal officials impugn dead citizens so callously. It’s utterly immoral, if not deranged. What flows through their veins is partisanship, and what dominates their thoughts is knocking their opponents and critics back on their heels. Perhaps there are flutters of recognition that this is not how human beings behave, much less political leaders in a democracy. But if those flames flicker into existence, they are quickly snuffed.

And for what! This is the question that continues to baffle me more than any other. Why has the Department of Homeland Security dispatched vans and SUVs filled with masked men to Minneapolis? Most immediately, it seems, it’s because a bad-faith “investigation” from a right-wing media personality made Minnesota a focus of the right’s collective anger. So the president pointed at Minnesota and his shock troops marched.
Their mission has been described in a number of ways, which means that (as with so much else in Trump’s world) the effect was decided before the cause. Maybe it’s about combatting the fraud alleged by the media personality, even though prosecutors had been investigating and securing convictions for social services fraud in Minnesota for years. Or maybe it’s just about uprooting immigrants.
This is the government’s most common explanation. Trump and his aides have repeatedly insisted that the expansive, guerrilla-style raids being conducted by federal agents in Minnesota have been effective at removing the “worst of the worst” criminal immigrants from the area, something it insists that the state’s Democratic leaders had refused to do. (The state disagrees.)
What’s the right ratio here, Mr. President? How many citizens being shot to death is worth this campaign of fear and its sporadic deportations?
At a White House press conference on Jan. 20, Trump held up images of 40 individuals who he claimed had been detained by federal agents in Minnesota. A DHS website titled, “ARRESTED: WORST OF THE WORST,” — identifies just under 500 such people in the state. Some of them (as was the case with Trump’s visual aids) seem less like “the worst of the worst” than like “people with any criminal record at all.” Does having a DUI make you one of the nation’s worst criminals? If you weren’t born here, I guess so.
Even by DHS’ count, though, the government isn’t only targeting “the worst of the worst.” On Jan. 14, the agency put out a press release claiming that they’d arrested 2,500 of the “worst of the worst,” meaning that the website, even with the drunk drivers, is a couple thousand short in its tally. Nationally, of course, ICE has accelerated its detention of people with no criminal records at all. One analysis estimates that 92 out of every 100 people added to ICE detention last year faced no criminal charges and had no past convictions. Besides, violent crime in Minnesota was already on the decline before DHS and ICE showed up (also mirroring national trends).
So the feds rolled up some people with criminal records or maybe pending charges. In doing so, they spread chaos and confusion around the city, shipped a kindergartener off to Texas and sent a baby to the hospital.
In doing so, they killed two residents of Minneapolis, their dying bodies laying at the side of the road.

What’s the right ratio here, Mr. President? How many citizens being shot to death is worth this campaign of fear and its sporadic deportations?
It seems as though the answer is clear by now: As many as can be killed with his base still believing that they were violent opponents of the president’s politics. As long as that belief is sustained, the killings can continue because it means that his supporters’ confidence and trust in him is sustained, too. And that, more even than purifying the populaceis what matters to Trump.
The White House and DHS frequently validate their work by pointing to the killers they’re taking out of the country, outsiders who’d killed Americans. It would be a more effective argument if they weren’t defending the outsiders they brought into Minneapolis who did the same thing.
Philip Bump is a data journalist and MS NOW contributor.
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