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After last week’s bout of volatility and Fed-induced record highs, investors this week were a bit more cautious. The hesitation comes from the fact that earnings season has begun once again. Already, traders have been bracing for lower overall EPS growth. Estimates for lower earnings come from the idea that the trade war has begun to crimp profits. Meanwhile, the benefits of the Republican tax plan have already played out. With the season beginning, traders have begun to see some of the results of this. Announcements have been mixed and many firms have continued to warn on guidance.

Elsewhere, the mixed situation on trade has continued to persist with the U.S. and China not yet agreeing on a deal. While talks are still on the docket, multiple issues still remain. As do issues with the Fed. Data has ticked up over the last few weeks and with inflation being low, many investors are now questioning whether the Fed really needs to cut rates at all.

Adding in some political issues as well as generally low summertime volume, and traders spent much of the week sending stocks lower from their previous records. In the end, it was another volatile week.

Be sure to check out our previous Wrap here, when the market was also mixed thanks to data.

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