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Fortune

Jim Edwards

Markets are selling off after Powell said six words investors don’t want to hear: ‘Equity prices are fairly highly valued’

Jerome Powell US Federal Reserve Sophie Park Nvidia OpenAI

Photo of Jerome Powell (Credit: Photographer: Sophie Park/Bloomberg)

Markets fell after Fed Chairman Jerome Powell warned that stocks are “highly valued.” U.S. stocks dropped, with tech leading losses on skepticism over Nvidia’s $100 billion OpenAI deal. Europe and U.K. markets opened lower.

U.S. Federal Reserve Chairman Jerome Powell gave a speech in Rhode Island yesterday and afterward was asked whether the Fed was keeping an eye on the markets. His reply contained six words that investors didn’t want to hear: “Equity prices are fairly highly valued.”

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