The latest Market Talks covering Equities. Published exclusively on Dow Jones Newswires throughout the day.
1556 ET - JPMorgan CEO Jamie Dimon says he is of split minds on increasing access to private credit and private assets for retail investors and 401(k)s. On the one hand, he says in a CNBC interview, people have the right to spend their money how they see fit. On the other hand, big institutions are better equipped to deal with short-term events like dividend cuts than individual events. "Mom and Dad, they may say, 'Wait a second, I thought you had better standards. I never knew my dividend could be cut. I was promised X,'" Dimon says. "And then they start to send letters to the SEC." (elias.schisgall@wsj.com)
1542 ET - There will be a credit cycle which is likely to be worse than normal cycles, JPMorgan CEO Jamie Dimon says in a CNBC interview, citing complacency from lenders around high asset prices and low credit spreads. Dimon doesn't blame private credit, but says he has seen some lenders, including other banks, underwriting loans that JPMorgan would not. When the cycle happens, Dimon adds, it may be worse for software than other sectors, especially if AI disintermediation is greater than people expect. The key, Dimon says, is strong underwriting standards. "No one can avoid a credit cycle," Dimon says. "You want to just do a better job than everybody else when you go through one." (elias.schisgall@wsj.com)
1517 ET - The widening conflict in the Middle East following U.S. and Israeli strikes on Iran isn't likely to fuel inflation unless the conflict drags on for an extended period, JPMorgan CEO Jamie Dimon says in a CNBC interview. There's a risk of more inflation than expected, Dimon says, but no one can really say where things will end up in the longer term. "This right now will increase gas prices a little bit," Dimon says. "If it's not prolonged, it's not going to be a major inflationary hit. Again, if it went on for a long time, that would be different." Dimon's comments follow President Trump saying that the U.S. operation in Iran could last for four or five weeks. (elias.schisgall@wsj.com)
1420 ET - The Amazon-OpenAI deal will see Amazon implement OpenAI's technology into some of its customer-facing applications. Notably, however, it doesn't appear to include OpenAI integrating Amazon into its agentic shopping platform. Morgan Stanley analysts say in a report that this indicates Amazon is being patient about its move into agentic shopping, given its advantages in inventory, infrastructure, and innovation. "We believe AMZN management has been signaling it is open to partnering with horizontal agent platforms, but we expect AMZN to be highly focused on the quality of the product, economic terms...and remain patient, as their 3 I's above give them negotiating leverage," the analysts say.(elias.schisgall@wsj.com)
1414 ET - OpenAI's commitment to an additional $100 billion in Amazon Web Services spending as part of Amazon's deal to invest about $50 billion in the AI company builds confidence in the growth outlook for AWS, according to Morgan Stanley in a note. The analysts assume OpenAI ramps its spending slowly this year before accelerating in 2027, which would ramp AWS's revenue recognition from $5 billion a quarter in 1Q 2027 to $8 billion in 4Q. As a result, they now expect 29% AWS growth this year and 32% in 2027, up from estimates of 26% and 25% growth respectively. Still, AWS' growth is contingent on the company's ability to continue bringing data-center capacity online, as the company remains capacity constrained.(elias.schisgall@wsj.com)
1406 ET - Bob's Discount Furniture is growing quickly, JPMorgan analysts say in a research note. The company's sales have historically been concentrated in the Northeast, but it recently expanded throughout the West and is now breaking into the lucrative markets in Florida and Texas. The expansion puts Bob's on pace to meet its goal of 500 stores by 2035, the analysts say, noting the new stores stand to benefit from the company's every-day-low-price strategy and strong brand awareness. And margins could outperform in the near time, they add: "We believe management prudently forecasted margins, with potential scale benefits arriving faster than expected from supply chain efficiencies, warranty growth, and cost leverage." JPMorgan initiates coverage with an overweight rating and a $29 price target. (connor.hart@wsj.com)
1359 ET - UBS analysts are bullish on Bob's Discount Furniture. The analysts say in a research note that the retailer's goal to reach 500 stores by 2035 appears achievable. At the same time, the company has a credible plan to support its growth outlooks for revenue and adjusted Ebitda, and it stands to benefit from compelling new unit economics and a differentiated merchandising model, the analysts say. Bob's has a long runway ahead of it, as the company executes on its plans, the market gains conviction around its strategy and the home-furnishings industry emerges from a multi-year downturn, they write. UBS initiates coverage of Bob's with a buy rating and a $27 price target. (connor.hart@wsj.com)
1353 ET - Fertilizers could see rising prices if the conflict in the Middle East drags on, according to BMO's Joel Jackson in a report. "Any prolonged tensions will be most materially positive for nitrogen and methanol prices, and perhaps potash and phosphate too," he says. Jackson notes that about 15% of global capacity of urea, a nitrogen-rich chemical compound, sits in the Middle East. Iran, Qatar and Saudi Arabia are large producers, he says, but there is also capacity in Oman, UAE, Iraq, Turkey and Bahrain, which together are all responsible for 40%-50% of urea exports. The vast majority traverses the Strait of Hormuz. Iran alone exports about 10%. (adriano.marchese@wsj.com)
1345 ET - William Blair analysts say in a research note that early reads on February shows Abercrombie & Fitch's struggles are continuing. That is true across both the company's namesake and Hollister brands, they add, noting that the latter's promotional activity has ticked up in recent weeks. "We expect the A&F brand could return to positive comps by the first half of this year, with growth normalizing around a low-single-digit range," the analysts write. "Hollister, meanwhile, is likely headed for negative comp, which it could sustain through the balance of the year." These trends, coupled with an acceleration of new store openings and tariffs, could pressure margins and add risk to future earnings. Abercrombie is scheduled to report 4Q results ahead of Wednesday's opening bell. (connor.hart@wsj.com)
1344 ET - Hostilities in the Middle East could drive increased focus toward some areas of cybersecurity, Stifel analysts say, pointing to operational technology and critical infrastructure environments. The trend would benefit vendors like Fortinet and Tenable Holdings, as well as privately-held companies like Claroty, Dragos and Nozomi, as well as Armis, which is in the process of being acquired by ServiceNow, the analysts say. Conflicts don't necessarily drive a near-term spike in cybersecurity spend overall, but high-profile events like Israel's cyberattack on Iran tend to keep cybersecurity as a top IT priority, they say. (kelly.cloonan@wsj.com)
1339 ET - Investors may be underestimating the long-term durability of demand for Nvidia's chips, Morgan Stanley analysts write in a note, once again naming the company as their top pick. Some investors lack conviction for Nvidia beyond 2027, worried that the lack of cash generation from hyperscalers might slow spending on processors. But signs of continued compute shortages and hyperscalers placing prepaid, multi-year orders on memory suppliers suggest that spending will continue past 2026. "There is simply no indication that the current investment cycle has run its course, and there is plenty of evidence that the spenders intend to keep spending for at least a couple more years," the analysts write. Nvidia is up 2.8%. (elias.schisgall@wsj.com)
1336 ET - The outlook for Apple's iPhone sales is becoming increasingly cloudy, UBS analysts say. Sell-through of iPhones increased in January but decelerated in the U.S. and China despite promotional activity. The elevated sales iPhone saw in the first months following the iPhone 17 launch coincide with the anniversary of the strong launch of the iPhone 13 in 2021, a sign that the strong demand could be from customers replacing their older phones. "Therefore, we see incremental risk that demand slows into the launch of the 18-series particularly if consumers increasingly pre-buy devices ahead of potential memory driven price increases," the analysts say. (nicholas.miller@wsj.com)
(END) Dow Jones Newswires
March 02, 2026 15:56 ET (20:56 GMT)
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