Trump Takes Affordability Pitch to Davos | Balance of Power: Early Edition 1/20/2026

Watch on YouTube ↗  |  January 20, 2026 at 20:07  |  47:24  |  Bloomberg Markets
Speakers
Rick Davis — Republican Strategist, Partner at Stonecourt Capital
Christine — Bloomberg Markets Live blog
Tyler Kendall — Multimedia Editor, Bloomberg
Daniel Fried — Former U.S. Ambassador to Poland; Atlantic Council Distinguished Fellow
Jeanne Sheehan Zaino — Political Contributor, Bloomberg
Charlie Pellett — Anchor/Reporter, Bloomberg

Summary

Bloomberg's Balance of Power early edition covers President Trump's one-year anniversary press briefing and his Davos agenda, with a focus on Greenland, NATO tensions, tariff threats, and affordability proposals. A former ambassador and political panel debate whether Trump's Greenland pressure is leverage for a Ukraine deal or a genuine rupture with allies. Markets sell off broadly as investors react to geopolitical risk and tariff rhetoric; energy and gold are stronger while big tech leads declines.

  • Trump marks first year with White House briefing and Davos affordability speech.
  • Greenland demands and tariff threats raise NATO and EU tensions.
  • Panel debates whether Greenland pressure is leverage or genuine aggression.
  • Markets fall across U.S. stocks, Treasuries and dollar amid risk-off.
  • ExxonMobil reaches all-time high; gold hits record and oil rises.
  • Big tech leads selloff; small caps cited as possible rotation destination.
  • Panel warns soft power and alliance damage could persist.
Ideas
Rick Davis Republican Strategist, Partner at Stonecourt Capital 36:17
Sell America theme pressures U.S. assets.
Market action is increasingly being interpreted as a 'Sell America' theme, because the prior night's tariff rhetoric is pushing investors to sell U.S. assets, and the simultaneous decline in equities and pressure in bond markets looks reminiscent of the post-Liberation Day tariff shock.
SPY U.S. bonds MED
Christine Bloomberg Markets Live blog 42:23
Geopolitical risk drives U.S. asset selloff.
Geopolitical risk is driving an across-the-board selloff in U.S. assets, with declines in U.S. stocks, Treasuries and the dollar; the initial risk-off move has built into negative momentum as U.S. investors returned and hit the sell button.
SPY TLT UUP HIGH
Christine Bloomberg Markets Live blog 43:51
ExxonMobil benefits from favorable geopolitics.
ExxonMobil makes sense in this market because the geopolitical situation is more favorable to some sectors, and Exxon shares are hitting all-time highs even as broad equities sell off.
XOM MED
Christine Bloomberg Markets Live blog 44:00
Big Tech leads selloff, avoid.
Big tech stocks are leading the market selloff as investors rotate out of the group, making the sector an area to avoid while the rotation persists.
XLK MED
Christine Bloomberg Markets Live blog 44:10
Tech rotation may favor small caps.
With investors rotating out of big tech but still needing equity exposure, small caps are a potential destination for that rotation.
IWM LOW
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This Bloomberg Markets video, published January 20, 2026, features Rick Davis, Christine discussing SPY, U.S. bonds, TLT, UUP, XOM, XLK, IWM. 5 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Rick Davis, Christine  · Tickers: SPY, U.S. bonds, TLT, UUP, XOM, XLK, IWM