Dimon's Correction Warning, Delta Flies High on Earnings, The Gold (and Silver) Rush 10/9/25

SPEAKER_1 (0:00)

Hey, Fidelity, what's it cost to invest with the Fidelity app?

SPEAKER_2 (0:04)

Start with as little as $1 with no account fees or trade commissions on US stocks and ETFs.

SPEAKER_1 (0:12)

That's music to my ears.

SPEAKER_2 (0:14)

I can only talk.

Carl Quintanilla (0:17)

Investing involves risk, including risk of loss.

Mark Andreessen (0:18)

Zero account fees apply to retail brokerage accounts only. Zero dollar commission applies to online US equity trades and ETFs, and retail Fidelity accounts. Seller order assessment fee not included. Some account types and securities excluded. Details at fidelity.com/commissions. Fidelity Brokerage Services LLC, member NYSESIPC.

SPEAKER_5 (0:31)

Introducing the redesigned Dell PC with the Intel Core Ultra Processor. It helps you handle a lot, even when your holiday to-do list gets to be a lot. Like organizing your holiday shopping, and responding to holiday requests and customer questions, and customers requesting custom things. Plus, planning the perfect holiday dinner for vegans, vegetarians, pescatarians, and Uncle Mike's carnivore diet. Luckily, the Dell PC helps you handle a lot. And with all day battery life, you can do it all faster to get it all done. But that's the power of a Dell PC with Intel inside. Get yours at dell.com/holiday.

David Faber (1:01)

Market insight and analysis. You're listening to the opening bell of CNBC, Squawk on the Street.

Carl Quintanilla (1:07)

Good Thursday morning. Welcome to Squawk on the Street. I'm Carl Quintanilla with Mike Santoli, David Faber here at Post 9 of the New York Stock Exchange. Stocks treading some water this morning, roughly flat as the Dow's down three straight sessions. Pepsi and Delta gonna kick off earning season today. And a dollar, two month high on some of the political turmoil in Europe and Japan. Our roadmap begins with the March to record highs resuming thanks to tech yesterday, as a number of top tech leaders come out to defend AI spending and its impact.

David Faber (1:35)

Plus JPMorgan CEO Jamie Dimon warns about the rising risk of a significant correction in the US stock market. And get ready for earnings. Pepsi and Delta reporting their latest results. That's this morning and we of course will break down the numbers from both of those companies.

Carl Quintanilla (1:50)

We begin this morning with tech fueling the markets record run. Yesterday, the BBC asked Jamie Dimon about the possibility of a correction. Here's what he said.

David Faber (2:01)

You don't see a crash coming. You didn't see a correction coming.

Jamie Dimon (2:03)

I am far more worried about that than others. So if you said I'm not talking about probabilities, I would give it a higher probability than I think is probably priced in the market and by others. So if the market's pricing in 10%, I would say it's more like 30

SPEAKER_8 (2:18)

So one third chance of a correction.

Jamie Dimon (2:20)

Yeah, and I'm not saying next year. Because the timing of these things is almost impossible.

Scott Bessent (2:25)

Could be what?

SPEAKER_8 (2:25)

Six months?

Scott Bessent (2:26)

Could be a year?

Jamie Dimon (2:26)

Could be six months. Could be two years.

Carl Quintanilla (2:29)

Mike, kind of pile it on to the Paul Tudor Jones and Ken Griffin comments of the past couple of weeks.

Mike Santoli (2:35)

I understand why this is now the debate, which is we've come so far. One theme has dominated this market for three years. We have a highly concentrated S&P 500 Valuations are basically at the ceiling of the past three years, only exceeded for brief periods of time in the pandemic and then in 99 and 2000 But it's fascinating that the way the debate seems to be framed is, either it's a bubble in the making that we have a while to go, or it's a bubble maxing out right now and look out below. Between those two scenarios is basically most of the possible outcomes you would ever have in markets. You know what I mean? It's a sort of a continuum of risk versus reward and positioning and everything else that I feel like we're kind of talking past each other if we say, hey, either as Paul Trudeau Jones says, we double in the next six months in the Nasdaq or it's over and we have a generational peak. I feel like what we actually have is a market that is unable to resist the waves of capital washing out into the AI theme, but also from governments around the world.

Essentially, just it's going to flow into earnings at some point. Yeah, maybe this all kind of overbuilding and over capacity eventually, but right now it's going to be earnings for the next couple of years. AMD's follow through to the upside. Every single day since the announcement with OpenAI has been amazing.