Ward McCarthy | Source | Chief Financial Economist at Jefferies

If we don't get a trade deal, we could slow significantly but I don't think we're going into recession, and if we do get a trade deal we're going to be growing again.

It’s kind of just a reassessment trade. People took a step back and looked at what happened Wednesday and came to the conclusion it really isn’t all that different from what we should have expected.

The labor market is cookin’, and that’s the bottom line. What’s really impressive is that the unemployment rate would’ve declined if the participation rate hadn’t risen, and that’s a good thing. You still have more people coming back to the labor market. There’s a lot to like.