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Independence Day shortened the week and trading volume was low, but the CBOE volatility index reading still ticked above 16 as rumors hit the market that the U.S. just might quit the World Trade Organization (WTO).

However, U.S. Commerce Secretary Wilbur Ross swiftly dismissed the rumor despite reports that President Donald Trump is increasingly becoming frustrated with the WTO. Nonetheless, the American trading relationship with the rest of the world continued to dominate the news cycle as $34 billion in retaliatory tariffs from China will likely become effective come Friday.

Meanwhile, the American manufacturing sector continued to beat analysts’ expectations as the Institute for Supply Management said its manufacturing PMI reading once again hovered above 60. In fact, the manufacturing sector is doing so well that it is stretching both production capacity and lead time.

In the end, concerns about preserving the tightly knit global supply chain dominated the market and volatility is likely to remain elevated throughout the week.

Be sure to check out our previous week’s edition here, in which some major American brands became the early victims of the ongoing trade war.

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