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Scott Wren, of the Wells Fargo Investment Institute, predicts that the game of responsibility for the trade war will intensify with the approach of a big week of technological gains.
Since S & P 500 companies began publishing their second-quarter results, more than a third of them cited tariffs or the US-China trade war as a barrier to profits.
Wren predicts that this number will increase sharply in the coming days, as more and more US companies directly exposed to Asia publish figures.
"The gorilla in the 800-pound room and the easiest target to reach is commercial uncertainty," said Friday the company's global equity strategist at CNBC's "Trading Nation" newspaper. "You can think of a number of areas in which companies whose revenues are not very attractive, at least on a year-to-year basis, will use this scapegoat."
Wren chooses industrialists and technology as groups that will blame the trade war. Yet he also includes them among his favorites.
"We want to be in areas that are still sensitive to the continuation of this expansion, so if we get some kind of setback, we would see it as an opportunity," he said. "It's just because of these kinds of seasons that companies are trying to show off and find something to blame for poor results."
Despite its positive quarterly results, the end – of – year goal of the Wren S & P 500 index suggests that there are more disadvantages than ever before. future improvements. It has a target of 2,800 to 2,900, a decline of 4% to 7% from the record high reached last Monday.
Wren cites the global economic situation as a downside risk.
"The market knows that profits will be mediocre," said Wren. "The market is looking beyond that and looking at these macro-economic issues and how these trade winds are going to affect global growth in general – they have been a real obstacle."
CNBC Nick Wells contributed to this report.
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