Futures tied to the main U.S. equity benchmarks ticked up on Wednesday as unsettled markets looked ahead to President Donald Trump’s address at the annual World Economic Forum in Switzerland. Investor attention remains fixed on Trump’s push for U.S. control of Greenland — and his warnings of additional tariffs on several European countries — themes expected to feature prominently in discussions with global leaders on the sidelines of the event. Away from geopolitics, Netflix (NASDAQ:NFLX) delivered cautious guidance after improving its bid for Warner Bros. Discovery (NASDAQ:WBD), while a regulatory filing suggested Berkshire Hathaway (NYSE:BRK.B) may look to exit its holding in Kraft Heinz (NASDAQ:KHC).
Futures rise
U.S. stock futures pointed higher, signalling a tentative rebound after Wall Street suffered its steepest daily decline since October in the previous session.
By 02:21 ET, Dow futures were up 103 points, or 0.2%, S&P 500 futures gained 27 points, or 0.4%, and Nasdaq 100 futures advanced 114 points, or 0.5%.
Markets were rattled on Tuesday by renewed geopolitical and trade tensions after President Donald Trump threatened further tariffs on a number of European nations unless his demands over Greenland were met. U.S. Treasury yields jumped sharply, pushing the 10-year yield to its highest level since August, while the dollar slipped against a basket of major currencies.
Traders are weighing whether Trump will act on his warnings and how forcefully European governments might respond. Adding to the unease, Japanese government bond yields have been climbing ahead of a snap election scheduled for early next month.
Trump to speak at Davos
Trump returns to the spotlight on Wednesday as he attends the World Economic Forum’s annual gathering in Switzerland.
He is expected to meet a range of world leaders and is likely to continue pressing his case for Greenland, the semi-autonomous Danish territory he argues the U.S. needs for national security.
On Tuesday, Trump appeared to soften his tone, saying he wanted to reach an agreement that would make America’s NATO partners “very happy.” However, when asked how far he was prepared to go to secure Greenland, he replied only, “You’ll find out.”
Investors remain uneasy as Trump has warned he could impose additional 10% tariffs on eight European countries over the issue — potentially raising them to 25% in June if his demands are not met. European leaders have described the threat as blackmail, a point reiterated at Davos by French President Emmanuel Macron.
According to the Wall Street Journal, Trump’s Davos speech is also expected to outline elements of his second-term economic agenda, where tariffs play a central role.
Netflix’s “mixed” earnings
Netflix shares slid in after-hours trading after the streaming group issued what investors viewed as cautious financial guidance, as it pursues a large-scale acquisition of Warner Bros. Discovery.
The company forecast first-quarter operating margins of 32.1% and revenue of $12.16 billion, both below Wall Street expectations. For 2026, Netflix guided to a revenue range with a midpoint of $51.2 billion, ahead of forecasts, but projected an operating margin of 31.5%, nearly 100 basis points below analyst estimates due in part to around $275 million in acquisition-related costs.
That said, Netflix reported a sharp rise in fourth-quarter revenue and net income to $12.05 billion and $2.42 billion, respectively, driven by popular content including the final season of “Stranger Things” and the release of “Frankenstein.” Paid memberships also climbed above 325 million.
The results followed Netflix’s decision to improve its roughly $72 billion offer for Warner Bros.’ studios and streaming assets, as it competes with Paramount Skydance in a bidding battle.
Analysts at Jefferies described the results as “mixed,” adding that “[i]ncreased deal certainty” would be a “positive catalyst” for the shares.
Attention later on Wednesday will also turn to earnings from Johnson & Johnson and Charles Schwab.
Berkshire Hathaway may trim Kraft Heinz stake
After U.S. markets closed, Berkshire Hathaway disclosed that it could sell up to 325 million shares of Kraft Heinz, effectively its entire stake in the food group and around 27.5% of the company’s outstanding shares.
Berkshire has previously written down the value of its Kraft Heinz investment and has criticised the group’s plans to break up its operations. Kraft Heinz shares fell more than 3% in after-hours trading following the filing.
Analysts at Vital Knowledge said the potential divestment marks the “first major corporate action” under Berkshire’s new chief executive Greg Abel, successor to long-time leader Warren Buffett. They suggested the move shows Abel is “already working to put his imprint on the firm’s sprawling portfolio,” adding that, given Berkshire’s strong liquidity, the decision is “purely a reflection” of a bleak outlook for the packaged food sector.
Gold surges past $4,800
Gold prices jumped to fresh record highs on Wednesday, breaking above $4,800 an ounce and approaching $4,900, as escalating tensions around Greenland and renewed trade frictions unsettled markets and fuelled demand for safe-haven assets.
Spot gold rose 2.3% to $4,862.75 an ounce by 03:35 ET, after earlier touching a record $4,887.82. U.S. gold futures also climbed 2.1% to a new high of $4,865.91.
Oil prices, by contrast, fell sharply amid concerns that U.S. tariff threats could weigh on global growth. The declines followed gains of nearly 1.5% in the previous session after OPEC+ producer Kazakhstan halted output at two oilfields, raising supply concerns.
Beyond geopolitics, markets are awaiting the International Energy Agency’s monthly report later in the day, alongside fresh data on U.S. crude oil and gasoline inventories in the days ahead.
Warner Brothers Discovery stock price