US stocks continued their bull push, substantially outperforming non-US stocks for the year. This outperformance was bolstered by strong 2Q growth and by employment, household wealth, and business and consumer confidence at secular highs. Trade tensions negatively impacted Chinese stock markets as well as input providers to Chinese manufacturing, while rising US rates, a strong US dollar, and tightening global liquidity stressed global markets. Stellar late-cycle business conditions in the US likely aren’t sustainable.