Market is at record highs, but Verdence Capital Advisors CIO is concerned about potential trouble ahead. Megan Horneman warns of complacency around Aug. 1 U.S. trade deadline, tariff concerns, Fed policy uncertainty, and overbought conditions. She sees potential for a valuation correction and advises investors to be appropriately allocated. Guy Adami also notes market frothiness. S&P 500 and Nasdaq have seen significant gains in recent months.

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1. Tesla’s CEO Elon Musk announced plans to open up the electric car company’s Supercharger network to other electric vehicles later this year.

2. The US economy added 850,000 jobs in June, beating expectations and showing signs of a strong recovery from the pandemic.

3. Amazon faces a record-breaking fine of $887 million from European regulators for alleged violations of the EU’s data protection laws.: Market pricing in perfection, warns Verdence CIO