Diamonds and Dogs

5/27/20

JP Morgan Chase (JPM) CEO has the bank stocks rocking and rolling. Jamie Dimon, the influential head of the largest U.S. bank, has his stock up 5% today after a 6% rally yesterday when he made optimistic comments that we could see a fairly rapid recovery in the second half of the year. Dimon also described the Fed's massive stimulus to boost the economy as "water that fills every crevice," lifting up asset prices. He also said his bank was "very valuable" at current levels.

Profit-taking in the tech space. The Nasdaq is down a percent as investors take profits in a number of techs that ran up to new all-time highs recently. Nvidia (NVDA) is down 5% while Facebook (FB) is down 2% after both made new all-time highs yesterday. Apple (AAPL) and Microsoft (MSFT) are both modestly lower even though both were upgraded this morning.