Good morning and welcome to Markets Desk.
JPMorgan Asset Management's chief global strategist David Kelly is raising a flag that's hard to ignore — U.S. corporate equity has now surpassed four hundred percent of GDP, more than double the peak seen during the dot-com bubble and triple the levels that preceded Black Monday in nineteen eighty-seven. Kelly's warning lands alongside a separate McKinsey finding that global wealth is increasingly disconnected from real economic output, a combination that suggests stretched valuations carry consequences if sentiment shifts.
Shifting to commodities, agricultural futures are showing broad-based strength this Friday morning. Wheat is leading the complex with double-digit gains, drawing support from overnight European futures and ongoing uncertainty around Black Sea supply. Soybeans are adding eight to ten cents on the session, while cotton bulls are pushing back after modest losses Thursday, even as crude oil and the dollar index both softened.
And in the streaming space, Disney's new chief executive Josh D'Amaro is signaling an ambitious pivot for Disney Plus, potentially folding in games and merchandise to build what amounts to a super app. Analysts are cautiously watching — the strategy carries real engagement upside, but risks diluting the core content experience that subscribers actually pay for.
That's the tape. Markets Desk, signing off the floor.
