Trade could be a big factor for markets in the week ahead, but investors will also be attuned to fresh inflation data and the bond market, which is flashing new worries about the economy.
"It's now become more nationalistic, emotional, to say: 'We're going against the U.S. and we've got to be in it for the long haul.' I don't think you have the same emotion here in the U.S. You don't have the same nationalistic pride to say 'we have to fight China at all cost,'" she said.
J.P. Morgan economists Friday downgraded their view of the economy, slicing second quarter growth to just 1% from an earlier forecast of 2.25% and first quarter growth of 3.2%. The economists blamed weak U.S. manufacturing data and said risks were signs of weakness in the global economy and also indications that the trade war was hurting business sentiment.
Solstein Capital's Terman said she is watching the PCE inflation report to see if it confirms her view that inflation and the economy will be weaker this summer.
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