06.06.202315:36 Forex Analysis & Reviews: JPMorgan's chief aims for US presidency

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While the US stock market is calming down and preparing for a relaxed week, rumors are swirling that Jamie Dimon, CEO of JPMorgan, is planning to run for the US president post. These rumors emerged after Dimon recently expressed in an interview his desire to serve his country.

Notably, the CEO is well respected in business circles for his leadership at JPMorgan, transforming it into the largest and most profitable bank in the US. Last week, hedge fund manager Bill Ackman tweeted that Dimon should run for president in the upcoming 2024 election.

However, a statement from JPMorgan today refuted these speculations: "As he has said in the past, Jamie has no plans to run for office. He is very happy in his current role." However, today's political claims may be different tomorrow, suggesting that this bank denial is nothing more than background noise surrounding Dimon.

Since joining JPMorgan in 2005, Dimon has frequently fueled such speculations. In an off-the-cuff remark at an investor meeting in 2018, he said he could take on then-President Donald Trump, but quickly regretted his comments.

In recent years, Dimon has backed many initiatives and worked on a number of the country's unresolved issues, including healthcare, economic inequality, and urban infrastructure decay. His long-standing position as bank chief has raised questions, so it is possible that Dimon could pose some competition to Biden and Trump in 2024.

Premarket

Cryptocurrency exchange Coinbase shares fell by 10% after the US Securities and Exchange Commission filed a lawsuit against crypto exchange Binance, alleging that Binance and its co-founder, Changpeng Zhao, used billions of US investor dollars for personal gains.

Shares in software development company EPAM fell by 18% after it cut its outlook amid worsening short-term demand. Expected earnings per share for the second quarter are estimated between $2.33 and $2.40, below the FactSet estimate of $2.43.

As for the S&P 500 index, the demand slightly decreased. Meanwhile, bulls have to establish an upward trend. Bulls should settle the price above $4,250, from where they may drag the price higher to $4,290. They also need to control $4,320, reinforcing the bull market. If the index declines due to a decline in risk appetite and hawkish comments from the Fed, bulls will have to protect $4,255 and $4,230. Breaking through this level, the trading instrument may return to $4,175 and plummet to $4,143.

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