Stocks were mostly calm today despite news that China will place new tariffs on $16 billion worth of goods. The 25% retaliatory tariff that China hinted at last week became official today, holding back the Dow 30, which lost 45 points. Caterpillar (CAT  ) was once again hurt by the trade war, falling 2%. The S&P 500 closed flat on the day and the Nasdaq 100 gained 4 on the day.

As earnings season comes to a close, investors are turning their eyes back to the trade war and other Washington news. Over 90% of the S&P 500 has reported earnings so far, with almost 78% of them beating expectations. Earnings growth is holding steady at the 24% mark, better than the 20% expected by Wall Street.

Crude Oil was slammed today thanks to China's retaliation, lower shipments from Chinese crude imports, and a larger-than-expected reduction in US stockpiles. The price of oil fell 3.2% on the day to $66.94 a barrel, almost a 2-month low.

Shares of Disney (DIS  ) were lower today as yesterday they announced earnings that missed analyst expectations. Revenue also came in lower than expected, which the company blamed on a reduction in subscribers at their troubled ESPN division. The company also cited costs associated with their battle for Fox, which has become quite competitive now that Comcast (CMCS  ) has joined the fight.

Michael Kors (KORS  ) was the leader in the S&P 500 today, breaking out from a technical range today. The move came as the company reported earnings that came in better than anticipated. Revenue also beat expectations, which investors used as fuel to push prices above a nearly year-long range. Shares are now higher by 4% on the year.