Maria Aspen

The president is seeking $5 billion in damages.

He alleges that JPMorgan Chase closed his accounts in 2021 after the January 6th attacks on the U.S.

Capitol as a result of, quote, political and social motivations.

A JPMorgan Chase spokesperson tells NPR via email that the lawsuit has no merit.

and that the bank, quote, does not close accounts for political or religious reasons.

Trump has attacked several big banks over what he calls debanking conservatives.

Last year, he sued Capital One over similar allegations.

And in August, he issued an executive order targeting what he calls politicized or unlawful debanking.

Tonight, we sent a message.

Wall Street has been hitting record highs, despite worsening economic data, ongoing uncertainty about tariffs, and the federal government shutdown.

But big companies are reporting big profits, and investors are particularly optimistic about the tech giants powering the AI boom.

These companies dominate the Nasdaq and the broader S&P 500 index, meaning that if tech stocks are having a great run, so is the overall market.

But the opposite also holds true.

And some investors are increasingly worried about what happens if the tech bubble pops.

On Tuesday, the CEOs of Goldman Sachs and Morgan Stanley both urged investors to be ready for an eventual market sell-off.

Hours later, the Nasdaq closed down more than 2%.

Maria Aspin, NPR News, New York.