Welcome to Seeking Alpha's Wall Street Breakfast, where we cover the top news for investors every morning.

It's good to be with you on this hump day, Wednesday, May 13th.

I'm Julie Morgan.

J.P. Morgan Chase CEO Jamie Diamond on Tuesday cautioned investors that markets may be getting ahead of themselves, warning of a little

too much exuberance out there. During a Bloomberg interview in Paris, Diamond expressed skepticism

that current valuations are fully justified. He said the stock market is in the top 15 percent.

Credit spreads are very low. The general assumption is that these

things are all going to resolve, and I'm kind of a skeptic. Diamond pointed to a combination of

factors driving current market performance, including strong corporate profits as well as

continued government spending, and the effects of the one big

beautiful bill providing fiscal stimulus. He noted that deregulation efforts have also contributed

to positive sentiment. However, the veteran banker emphasized that multiple risk remain on the horizon.

Beyond Middle East tensions, he cited ongoing concerns about the

Ukraine-Russia conflict, U.S.-China relations, and persistent inflation pressures, noting that

recent inflation data wasn't so good. When asked about consumer health, Diamond offered a mixed

assessment. While the top 50% of consumers are

doing well, benefiting from rising wages, home prices, and stock gains, he acknowledged the

bottom 30% is struggling a little bit, though not experiencing a massive downturn. He went on to say

of the various geopolitical challenges facing markets,

I hope they do resolve, but I don't know that they will. Walmart will lay off or relocate around

1,000 corporate employees as it streamlines its global technology and product teams.

Sources told the Wall Street Journal that many of the affected staff have been asked to relocate

...