by Coinstrooper Crypto Articles
Quick Take
  • Wall Street’s biggest desks turned defensive as September opened.
  • The split comes as stocks enter the month after 27 record closes this year.
  • September is also the weakest month on the calendar.
  • Scott Rubner runs equity and equity derivatives strategy at Citadel Securities and came from Goldman Sachs.

What Happened

Wall Street’s biggest desks turned defensive as September opened. CNBC’s Investment Committee did the opposite. None of its four members plans to sell.

Joe Terranova, Virtus Investment Partners

He calls himself a long-term investor, not a tactical trader. A soft patch is where he adds exposure.

Market Context

Others followed, with JPMorgan’s trading desk moving to neutral. Wells Fargo turned cautious on fears that AI spending has peaked.

Momentum fell double digits this quarter while quality rose 1.5%. The market has somewhere to land, he says, so he will not turn bearish yet.

Jason Snipe, Odyssey Capital Advisors

Momentum peaked on June 22 and has fallen 13.7% since. That rotation already happened, he argues. Trading the calendar only creates taxable gains.

Why It Matters

Both were far more bullish weeks ago, when JPMorgan raised S&P forecasts as hedging demand dried up.

Details

The split comes as stocks enter the month after 27 record closes this year. September is also the weakest month on the calendar.

Why Wall Street Is Buying Protection

Scott Rubner runs equity and equity derivatives strategy at Citadel Securities and came from Goldman Sachs. His August 31 note made three points.

Earnings are done.

Companies authorized more than $1.1 trillion in buybacks through August. Those buyers go quiet from September 12.

Retail steps back too.

Rubner’s data shows September has the year’s weakest dip buying. Purchases on down days run near half the normal pace.

Hedges are cheap.

The VIX closed August at 14.4, its second lowest finish since December 2025.

“Use strength to reduce some exposure and add inexpensive protection into this event window,” he noted.

Why the Committee Is Not Selling

Stephanie Link, Hightower

She is not trying to time the month. Any dip becomes a chance to add to positions she has been building. Value has beaten growth by 14% this year.

Josh Brown, Ritholtz Wealth Management

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However, the record is milder than the reputation, because since 1950, September has cost the S&P 500 just 0.6% on average. The month still finished higher 34 times out of 75.