Don't get too caught up in the noise of the trade war.
The trade war has been dominating headlines.
First, President Donald Trump said on Tuesday that a trade truce between the U.S. and China may not be signed until after the 2020 election.
Then, Wednesday morning, Bloomberg News reported that U.S. negotiators expect a phase-one deal with China to be completed before American tariffs are set to rise on Dec. 15. Trump's comments were not intended to say the talks were stalling, Bloomberg said, citing anonymous sources, as he was "speaking off the cuff."
So, what should investors be paying attention to -- the back and forth noise around the trade deal or the economic data -- such as ADP jobs, the ISM manufacturing number and, of course, the Friday jobs report?
Tony Owusu, digital journalist with TheStreet and Art Hogan, Chief Market Strategist for National, joined TheStreet to break down what investors should be listening to.
"I think what matters is all of those things [the ADP jobs, ISM, and jobs report.] The economic data is much more important than the U.S.-China trade news. Only when we can say, we know where we stand on U.S.-China trade. When the tone around trade gets a little bit better and we make an assumption that we'll have a trade deal sometime this year, or at least a phase one trade deal this year. We really do focus on the economic data. So remember when the ISM manufacturing number came out, they were like, Oh, that doesn't look good. And the market actually reacted to negative economic data. When we get to that place, economic data matters much more than U.S.-China trade. We need to compartmentalize the U.S.-China trade noise and focus on the news. But when it gets noisy over in the U.S.-China trade world, the market can't focus on anything else," said Hogan.