00:00U.S. stocks ended lower on Tuesday, August 5th, as investors weigh the impact of tariffs after young brands and other companies cited trade duties in their results or outlooks.
00:11In addition, U.S. President Donald Trump said the U.S. could impose a small tariff on pharmaceutical imports before increasing the rate subsequently.
00:19He also signaled an announcement on tariffs on semiconductors and chips in next week or so.
00:24We've got some mixed signals over the last week. We came off of some record highs a week ago, and now we're having some more volatility.
00:33And I think we're starting to see that reflect in the hard economic data as well.
00:38The big news coming out of the end of last week that's still influencing markets today is that big revision to jobs numbers.
00:45Is the economy really slowing? Is that really what we're seeing?
00:48And what we're finding is if you look at the short-term comparisons month over month, there does seem to be a decline.
00:55But is that sustainable?
00:56When we widen the lens out and look at year-over-year numbers, things appear to be okay.
01:01It's not great. It could be better.
01:03But you're obviously still seeing the long-term effects of higher interest rates linger on corporate earnings.
01:10As we come through the point where we are right now, earnings are a little bit better than expected, but still not great as well.
01:16So there's some stress in this market, and it's searching for a direction.
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