Major indices finished the week lower as stocks saw their worst week of the year on worries that the escalating trade war can further slower global growth. After the Federal Reserve announced it would cut rates a quarter point, the first cut in a decade, President Trump announced a 10% tariff on an additional $300 billion of Chinese goods in a tweet. The July jobs report affirmed low unemployment while the Fed acknowledged in its assessment of the US economy: low unemployment, a healthy consumer, and modest economic growth.

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