Congress is in recess but will face a scramble in September to fund the government by the end of the fiscal year. Meanwhile, tariffs are about to kick in on 70-plus countries.
The July jobs report revealed significant downward revisions to payroll growth in the aftermath of the trade war, while also underscoring supply-side stress.
The market's rebound from the April lows has had a speculative, risky leadership profile—but broader participation suggests the bull can keep running for now.
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