Good afternoon and welcome to Markets Desk.
Jamie Dimon is putting London on notice. The JPMorgan chief warned that the bank may reconsider its new London office plans if Prime Minister Keir Starmer is removed from power. With Starmer's leadership under visible pressure, gilt markets are already registering unease, and Dimon's comments underscore just how closely global capital watches political stability.
Shifting to tech, Qualcomm fell thirteen percent Tuesday as chip stocks pulled back sharply from a record AI-driven rally. The selloff reflects growing concern that valuations across the semiconductor space have run well ahead of near-term earnings reality. Nvidia had led the charge, but the broadening of the trade into names like Qualcomm made the correction equally broad.
And on the sentiment front, Michael Burry, Paul Tudor Jones, and Nobel laureate economists are converging on a sobering view of equities. Burry's latest writing draws a direct parallel between today's NASDAQ one hundred and the final months of the nineteen ninety-nine to two thousand bubble, warning that a complete reversal may be closer than markets are pricing.
That's the tape. Markets Desk, signing off the floor.
