As we wrote on August 11, companies have done a good job overall adjusting to tariffs so far, which was evident during earnings season. While several factors have helped mute the recent tariff effects, companies will experience more cost pressures in the months ahead.

We have been pleasantly surprised by how well stocks have handled the sharp increase in tariffs. Since the market low from the early April tariff scare, the S&P 500 Index has gained more than 28%.

Last week was one for the ages in terms of the number and magnitude of events and data points for investors to digest. A Federal Reserve (Fed) meeting, the monthly jobs report, and the peak week of earnings season would be enough to qualify as a busy week.