Stock Market Today: JP Morgan CEO Jamie Dimon Not Worried About Tech Stocks On Decline

Despite continued reports of low market numbers from several major companies in the technology sector, JP Morgan's CEO Jamie Dimon has made it clear that he’s not concerned about the stock decline and even called the economy "strong."

Even with the tech sector lagging and most recently Facebook seeing its biggest one-day loss in Wall Street history Thursday, Dimon suggested that the system isn't leveraged the way it was in 2007 and that the problems tech giants are reporting are "company specific.”

"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," Dimon told CNBC's Wilfred Frost in an interview Monday.

"And we don't have the leverage in the system we had in 2007. There's always going to be some sort of problem but that is not the problem today."

One of the world's leading bank executives, Dimon has long been an outspoken figure of the tech sector. He regularly takes trips to the West to meet with tech executives and venture capitalists in San Francisco and Silicon Valley.

Dimon has also embraced new technologies while at the helm of JP Morgan. According to CNBC, about $3 billion, or almost one-third, of the company’s investment in 2017 went to "new initiatives," with $600 million on financial tech projects.

Two years ago, he made headlines in his shareholder letter for warning investors that "Silicon Valley is coming."

The Dow Jones Industrial Average dropped 0.57 percent on Monday, while the Nasdaq posted a 1.39 percent drop — its biggest 3-day loss since March.

Two high-performing tech stocks, Facebook (FB) and Netflix (NFLX), missed analysts' second-quarter targets. Shares of Facebook dropped 2.19 percent Monday, while Netflix fell 5.7 percent.