Through the end of last week, the S&P 500 was up 24 percent on earnings in the second quarter on a year-over-year basis. Despite the market interruptions caused by the ongoing trade wars, company fundamentals have been able to parry any deep market declines.

“When you think about what’s driving markets right now, it’s a tug of war between solid U.S. fundamentals and concerns around trade,” said Art Hogan, chief market strategist at B. Riley FBR.. “When you think about trade with China, it feels like the situation is escalating. But with Mexico, Canada and the European Union, it seems like it’s heading in the right direction.”

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