With new risks from trade wars, stocks head into the final weeks of summer vulnerable to a pull back or even a correction.
Barry Knapp, managing partner at Ironsides Macroeconomics, said Friday the escalation of the trade wars has made him more risk adverse, and he would lighten up holdings in the sectors he had favored—industrials, technology and transportation stocks.
Fed Chairman Jerome Powell disappointed markets when he said the Fed was in a "midcycle adjustment," not a longer term rate cutting cycle but by Friday, futures markets were indicating a nearly 100% chance the Fed will cut interest rates in September. was basically flat by Friday afternoon. Traders were monitoring both the moves in the foreign exchange market and fixed income markets.
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