The stock price vs corporate profits after tax bubble from this story (highest level since the dot.com crash in 2000) is much more the real story than trade war, yet trade war anxiety/'everything is fine' whiplash is what moves the markets right now. https://www.zerohedge.com/markets/nuts-high-valuations-fed-hopes-over-hyped-trade-deals
The gap between the S&P price and corporate profits is what is as wide as the crash of 2000. Corportate profits flat-lined over the last few years, yet stocks soared. That gap will close with a major stock market correction.