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‘Brace yourself’: JPMorgan's Dimon warns on economy as stocks fall

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Yahoo Finance Live anchors discuss the stock market's performance after JPMorgan's Dimon warns of significant risks to the U.S. economy.

Video Transcript

BRIAN CHEUNG: Let's take a look at markets as we get close to that noon hour. And you can see, we've actually steepened a little bit of the losses since we began the show. You can see the Dow Jones, the NASDAQ composite both down over 1%, and the S&P 500 down 1.2%. But I want to show you a little bit of the sector action that we're seeing so far on this Wednesday morning. When you take a look at the energy sector, that's been a big winner through a lot of the market selloffs that we've been seeing.

Again, not to say that today is a market selloff, but one of the bigger losers today, at least so far, are the financials, perhaps on the backs of the commentary that we got from JPMorgan Chase CEO Jamie Dimon this morning, where he said that, really, we need to start preparing for a hurricane. It seems a little bit dramatic, but, you know.

AKIKO FUJITA: Just some dramatic statements. It's no longer storm clouds. It's hurricanes--

BRIAN CHEUNG: Exactly.

AKIKO FUJITA: --acording to Jamie Dimon.

BRIAN CHEUNG: And you can see the banks, too. Not too much movement necessarily. You could see JPMorgan Chase down 2.5%. It's not like you can kind of hinge a lot of the moves today off of the commentary from Jamie Dimon, which happened kind of closer to the beginning of the 11:00 AM hour. But one stock that I do want to highlight that's aside from everything that Jamie Dimon is perhaps saying, is when we take a look at the NASDAQ. One winner today, which is Amazon, up 1%. But the story for this stock has really been kind of what's been happening over the last week, up 17%. I don't know how much of that is due to the kind of enthusiasm over perhaps a stock split for this company, but very much a different picture for Amazon [INAUDIBLE]

AKIKO FUJITA: But also, it's important. I mean, a stock like Amazon was down so significantly, that to see it come back, it's actually relatively cheap compared to where we were, what, how many months ago?

BRIAN CHEUNG: Yeah, two months ago, we were down about a quarter.

AKIKO FUJITA: You see that decline right there.

BRIAN CHEUNG: Yeah, I mean, you could see year to date. I mean, this is a stock that's had a rough time. You know, it's fallen to almost as low as $2,000. But again, stocks [INAUDIBLE] coming forward this company. Perhaps that's part of the catalyst. But again, that increase that we've seen has not even come close to erasing all of the losses that we've seen across the board. So again, Amazon on that front.

Just one other thing, I guess, to kind of mention as well, a lot of economic data coming in this morning. ISM manufacturing coming in better than expected, and we also got some data from the JOLTS report, showing the health of the labor market. You see the 10-year yield not moving too much, but nine basis points over a single day still notable, although it's lower than where we saw it about three or four weeks ago. But for--

AKIKO FUJITA: Yeah.

BRIAN CHEUNG: Yeah, I was going to say--

AKIKO FUJITA: Well, I was going to say, I wonder if we can go back to the tech sector and look specifically at some of the software names because we were talking about Salesforce earlier. A lot-- obviously, that stock is popped, but I think a lot of investors looked at that to see, well, that the strength in that investment in these digital pushes, it still exists. The software investment is still there. Obviously, we're talking about one big player in the space, but it'd be interesting to see how that's sort of lifting some of the other names in the space.

BRIAN CHEUNG: Yeah, again, CRM, Salesforce, again, getting a bump today, although you can see broadly the NASDAQ 100 not necessarily seeing the same wave. But--