EDITOR'S NOTE
Earnings have not been as soft as projected, the economy may not be slowing as much as feared, the Federal Reserve made a third interest rate cut, and even the disruptive forces of Brexit appear to be on hold for now.
So now investors are back to worrying about the trade war, sending the market sharply lower on Thursday.
China, however, is clearly Apple's problem. The company reported its net sales declines in China were moderating, but still down 2.4% in the third quarter. 
Overall, however, Apple turned in results that beat earnings expectations. Its stock turned only slightly higher, held back by the rekindled trade war rhetoric on Thursday morning, writes CNBC's Yun Li.
Some Wall Street analysts say it will be Trump's handling of the trade war that sets the market's direction for the rest of the year. Not the Fed or the impeachment inquiry.
“Trump’s trade policy has definitely softened the U.S. economy and the Fed responds with three cuts and says it’s back in Trump’s court, said Peter Boockvar, chief investment officer at Bleakley Advisory Group. "Therefore, everyone is looking at what happens now with this trade deal.”
We'll get another look at the softening economy tomorrow with the latest unemployment numbers. Economists expect gains in nonfarm payrolls of 75,000 in October, down from a rise of 136,000 in September. They also expect the unemployment rate to tick up from its 50-year low of 3.5% to 3.6%.
Not too scary. Happy Halloween!
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