Trump Addresses Davos as Greenland Pressure Builds | Open Interest 1/21/2026

Watch on YouTube ↗  |  January 21, 2026 at 18:10  |  30:00  |  Bloomberg Markets
Speakers
Lori Calvasina — Head of U.S. Equity Strategy, RBC Capital Markets
Michael McKee — International Economics & Policy Correspondent, Bloomberg
Ken Griffin — CEO, Citadel
Dani Burger — Anchor, Bloomberg Television

Summary

Stocks rallied after President Trump said in Davos that he would not use force to acquire Greenland, helping reverse part of the prior day's selloff. RBC's Lori Calvasina discussed a constructive U.S. equity outlook, a preference for small caps, and gold as an uncertainty hedge. Michael McKee covered the delayed Fed chair announcement and Lisa Cook's Supreme Court arguments. Ken Griffin criticized tariffs, immigration restrictions, housing regulation, and credit card rate caps as inflationary or counterproductive.

  • Trump ruled out force over Greenland, helping equities rally; Russell 2000 outperformed.
  • Lori Calvasina favors small caps as Russell 2000 earnings estimates outpace the Mag 7 and S&P ex-Mag 7.
  • Calvasina sees gold as an uncertainty hedge and maintains a 7750 S&P 500 target.
  • Michael McKee said the Fed chair pick remains delayed and the Lisa Cook case drew skeptical Supreme Court questions.
  • Ken Griffin said tariffs and immigration enforcement are inflationary and borne partly by American consumers and margins.
  • Griffin criticized housing permitting burdens and a proposed 10% credit card rate cap.
  • Market focus remained on Fed independence, inflation pass-through, and policy risks from Davos.
Ideas
Lori Calvasina Head of U.S. Equity Strategy, RBC Capital Markets 5:12
Gold hedge on rising uncertainty.
Calvasina says gold came up frequently in non-U.S. investor conversations because uncertainty is one of the biggest drivers for the asset class, making it a hedge as geopolitical and policy uncertainty lingers.
GLD MED
Lori Calvasina Head of U.S. Equity Strategy, RBC Capital Markets 6:31
Small caps favored on earnings rotation.
Calvasina is more willing to add small caps because Russell 2000 2026 earnings estimates are outpacing the Mag 7 and S&P ex-Mag 7, the rotation trade is gaining steam, and small caps have held up better than large caps on recent down days. She still wants confirmation from jobs and ISM data, but feels better about the setup.
IWM HIGH
Lori Calvasina Head of U.S. Equity Strategy, RBC Capital Markets 15:38
Sees S&P 500 reaching 7750.
Calvasina maintains an S&P 500 target of 7750, the median of a 7500-8000 range. The high end reflects a valuation model using 14% earnings growth, while the low end comes from sentiment. She expects Fed cuts to support historically consistent gains of about 13.3% when the Fed cuts one to four times in a year.
SPY HIGH
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This Bloomberg Markets video, published January 21, 2026, features Lori Calvasina discussing GLD, IWM, SPY. 3 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Lori Calvasina  · Tickers: GLD, IWM, SPY