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The U.S. and China slapped levies on $34 billion of each other’s exports, the first tangible shots in a trade battle that both sides are bracing to fight for months—if not years. The new levies took effect after midnight Eastern Time in the U.S. In response, a commission of China’s State Council said it applied tariffs on 545 items “including agricultural products, vehicles, and aquatic products,” according to state-run Xinhua News Agency. (WSJ)

A better than expected jobs report this morning: the unemployment rose to 4% in June, ticking up from 3.8% from the month before. While economists had expected the jobless rate to hold at that level–the lowest since 2000–the increase was largely due to 601,000 Americans entering the labor force. (FT)

The EU is preparing a new list of duties against the U.S. in case President Trump moves ahead with tariffs on European cars, FT reports. It reportedly includes levies worth €18B, which will target staples like ketchup, as well as frozen fish, raisins, suitcases and adhesive bandages.

S&P 500 futures are up less than a point, and NASDAQ futures are up 2. The MSCI international index is up 9/100 of a %.

Oil is down .48 cents at $72.46 a barrel.

Gold is up $3 at $1255 a Troy ounce.

With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Josh Fenili.