O’Shares ETFs founder Kevin O’Leary was quick to dismiss the trade disputes having a tangible effect on the strength of companies beating earnings forecasts, but also pointed out that the markets have been range-bound and flat.

O’Leary’s comments came after PepsiCo posted better-than-expected earnings on Tuesday, helping to give the markets a much-needed boost and reprieve from the trade disputes that have relatively muted company fundamentals the past month.

“We’re getting great earnings and yet the market remains relatively range-bound and flat,” O’Leary told CNBC.

Related: Changes in Fed Rates Will Weigh on Financial Stocks, ETFs

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