Things might look a little gloomy in the world's biggest economy, with slowing earnings growth and recession fears in the bond market, but stocks are still holding up just fine.
That's probably because the rest of the world is doing much worse than the United States. With the unresolved trade dispute hurting China, which is already growing at its slowest pace since 1990, Brexit risk continually weighing on Europe and the U.K., and with new signs of weakness from Japan, the U.S. is standing out as the best game in town.
"The U.S. economy has always been more self-contained than anybody else, compared to the major economies in Europe where trade is a much bigger part of the economy," said Scott Brown, Raymond James' chief economist. "The consumer really drives the bus in the U.S. and it's still a very positive story with job growth, wage increases and lower gasoline prices which adds to consumer purchasing power."
Economists are expecting 2.4 percent GDP growth in the U.S. this year, the highest growth forecast among the Group of Seven countries where uncertainties continue to mount.