Stocks slumped in morning trading on Wall Street Tuesday after President Donald Trump threatened to hit eight NATO members with new tariffs as tensions escalate over his attempts to assert American control over Greenland.The SP 500 fell 1.5%, pulling back further from the record it set early last week. It was the first time U.S. markets could react to the escalation from Trump, as they were closed on Monday for Martin Luther King Jr. Day.The Dow Jones Industrial Average fell 682 points, or 1.5%, as of 10:04 a.m. Eastern. The Nasdaq composite slumped 1.7%.RELATED STORY | Could Trump's new tariff threats over Greenland kick off another trade war with the EU?The losses were widespread and led by technology stocks, many of which already have more influence over the direction of the market because of outsized values. Retailers, banks and industrial companies also fell sharply.Nvidia, one of the most valuable companies in the world, plunged 3.2%. Amazon fell 2.7%, JPMorgan Chase fell 1.9%, and Caterpillar lost 1.3%.The broader energy sector eked out gains as the price of U.S. crude oil rose 1.5%. Exxon Mobil rose 1.5%.European markets and markets in Asia fell.Trump said Saturday that he would charge a 10% import tax starting in February on goods from Denmark, Norway, Sweden, France, Germany, the United Kingdom, the Netherlands and Finland. The annual combined imports from European Union nations are greater than those from the top two biggest individual importers into the U.S., Mexico and China.RELATED STORY | Trump's affordability proposals face expert skepticism over real-world impactGold prices surged 3.2% and silver prices soared 7%. Both reached for records. Such assets are often considered safe havens in times of geopolitical turmoil.Treasury yields were mixed in the bond market. The yield on the 10-year Treasury rose to 4.28% from 4.23% late Friday. The yield on the two-year Treasury fell to 3.59% from 3.60% late Friday.Trump linked his aggressive stance on Greenland to last years decision not to award him the Nobel Peace Prize, telling Norways prime minister that he no longer felt an obligation to think purely of Peace, in a text message released Monday.Trumps message to Jonas Gahr Stre appeared to ratchet up a standoff between Washington and its closest allies over his threats to take over Greenland, a self-governing territory of NATO member Denmark.Trump's threats have sparked outrage and a flurry of diplomatic activity across Europe, as leaders consider possible countermeasures, including retaliatory tariffs and the first-ever use of the European Unions anti-coercion instrument. ...read more read less