With a lack of earnings and major economic reports, markets could focus more heavily on trade-related headlines in the coming week, and they could get nasty as President Donald Trump prepares to meet world leaders in Canada.
There could be major developments on the trade front with China during the coming week, as well, and more clarity on whether revisions to the North American Free Trade Agreement can be concluded this year.
The heads of G-7 nations travel to Quebec at the end of the week for a meeting hosted by Canadian Prime Minister Justin Trudeau and including leaders of Germany, Italy, France, UK, and Japan, all countries subject to U.S. tariffs.
Already, G-7 finance ministers, meeting in British Columbia over the weekend, chastised the U.S. for the trade skirmishes brewing across the world. Last week, Japan called for rational debate to prevent protectionism from harming the global economy.
"I think more and more of the cabinet are becoming pro-trade, but I think the president is becoming more bombastic on trade because he believes the U.S. got a raw deal for decades," said Daniel Clifton, head of policy research at Strategas.