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Expand chart
Reproduced from FactSet. Nationwide estimates for August 2018. Chart: Axios Visuals

Analysts and economists say there is a semi-imminent doom and gloom coming for stocks and the economy, thanks in part to a diminishing boost from President Trump's tax cuts.

The big question: Is there a "sugar rush" from the tax cuts, and if so, does it matter enough that the market and economy will tank when it wears off?

One camp says don't sweat the chart. Waning influence of tax cuts won't have a disastrous impact on companies' earnings growth, according to recent projections by Nationwide Financial's Mark Hackett:

"Even factoring out the contributions from lower corporate taxes and share buybacks, earnings growth would still be at a healthy rate ... indicating that most earnings strength is not coming from the 'sugar rush' of tax reform."

The other side: JPMorgan says in a recent note that U.S. stocks are riding a "sugar high" thanks to the tax cuts and you should sweat that chart.

  • Analysts there say the end of the tax-cut impact will lead to dramatic earnings declines followed by cuts to earnings guidance.

The bottom line: We're not going to know for a while, so for now, pick a side. If you're in the sugar-rush camp, the question is, "When will the economy and markets come down from the high?" If you're not, you're hunting for data points that prove the economy's 10-year expansion is on solid footing, with or without the boost from the tax cuts.

Go deeper

North Carolina Sheriff's deputy fatally shoots Black man

A Black man was fatally shot by a North Carolina sheriff's deputy in Elizabeth City, northeast of Raleigh, on Wednesday, igniting protests in the local community.

Details: Pasquotank County Sheriff Tommy Wooten said at a news briefing the State Bureau of Investigation was investigating the shooting of Andrew Brown Jr., which happened about 8:30 a.m as deputies were serving a search warrant.

Pew: Over 80% of Asian adults say violence against them is increasing

Photo: Spencer Platt/Getty Images

More than 80% of Asian adults say that violence against them is increasing, according to a new Pew Research Center survey.

The big picture: The survey, conducted April 5-11, comes after the recent shootings in Atlanta in which eight people, including six Asian women were killed, as well as a yearlong spike in hate incidents against the Asian American and Pacific Islander (AAPI) community.

China's government tied to new hack attacks targeting U.S. government

A member of the hacking group Red Hacker Alliance monitoring global cyberattacks on his computer at their office in Dongguan, China's southern Guangdong province. Photo: Nicolas Sfouri/AFP via Getty Images

The Chinese Communist Party is believed to be responsible for newly found hack attacks on the U.S. government, businesses and American infrastructure, cybersecurity company Mandiant said Wednesday.

Why it matters: This is the third major cybersecurity breach to hit the U.S. in recent months — including two in March blamed on hackers linked to China's government: one targeting 30,000 U.S. victims, including small businesses and local governments, the other hitting Microsoft.