Markets ended the week higher, brushing off trade-related headlines while appearing to take a wait-and-see approach. Benefitting from continued gains in the tech sector, the tech-heavy NASDAQ hit a new all-time high.

As has been the case for a while now, headlines continued to focus on trade and, specifically, on the growing tensions between the U.S. and its North American and European trading partners. For their part, however, domestic markets seemed relatively sanguine, generally moving higher over the course of the week. Over the weekend, G-7 leaders gathered in Quebec for what proved to be a rather contentious meeting.  While meeting face-to-face, President Trump and other leaders did their best to appear collegial.  However, leading up to and following the meeting, Trump and Canadian PM Justin Trudeau traded a number of barbs via Twitter suggesting that the two sides remain far apart on trade.

Somewhat overlooked during the week was a 6% decline in the Brazilian stock market. The country has recently been faced with labor strikes and a general pall hanging over the country ahead of October’s Presidential election. Markets are concerned about the outcome, as market-friendly candidates have failed to gain traction, according to recent polls. On Friday, Brazil’s currency, which had been battered of late, received a reprieve as the central bank pledged additional liquidity to support it. The move helped to reduce fears of an emerging market contagion.