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, afterwards, 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 .”

The S&P 500 lost 0.55% on the day. Markets in the U.K. and Europe are all down this morning. The picture is mixed: Asia largely had a good day and U.S. futures are marginally up, so it’s not a tsunami.

Powell’s remarks weren’t controversial.

Everyone knows that most major indexes have hit record

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