J. P. Morgan Chase CEO Jamie Dimon said he's not worried about the tech stock swoon because the economy looks 'quite strong."
Recent challenges reported by a variety of big tech companies are "company-specific," Dimon told CNBC's Wilfred Frost in an interview on Monday.
"The economy looks quite strong. Consumers are in good shape, their balance sheets are in good shape, there are no potholes out there, lending has been pristine, capital expenditures are going up, more people are going back to work, unemployment may hit a post war low at one point this year....those are all positives. And we don't have the leverage in the system we had in '07. There's always going to be some sort of problem but that is not the problem today."
The Nasdaq is down more than 1 percent on weakness on Monday, lower for the third straight day. The sector, which has led the broader market higher for the last year, is lagging along with some consumer stocks.
"Is there a chance the economy is strengthening and could go on for a couple of years, absolutely," Dimon said. "If that's true, then stock prices are justified."