Major indices were on track to finish the week higher until China released a new round of retaliatory tariffs, which the US vowed a response to. The new Chinese tariffs are set to take aim at the US auto industry. Fed Chair Jerome Powell signaled in Jackson Hole that the Fed will more likely than not cut rates again due to the trade spat and slowing global growth. Large retailers reported earnings that beat expectations and guidance was raised illustrating the US consumer remains strong.

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