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CNBC Investment Committee Members Maintain Positions Despite September Caution
While major Wall Street trading desks adopt defensive stances heading into September, several portfolio managers are keeping their market exposure intact.
Major Wall Street institutions have shifted toward a defensive stance at the start of September, despite equities entering the month after 27 record highs this year. Citadel Securities equity strategist Scott Rubner highlighted multiple reasons for caution, including the upcoming pause in corporate share buybacks starting September 12, historically weaker retail dip-buying, and inexpensive hedging costs reflected in a VIX reading of 14.4. Trading desks at JPMorgan and Wells Fargo have similarly moderated their outlooks.
In contrast, members of CNBC's Investment Committee indicated they are not selling their positions. Joe Terranova of Virtus Investment Partners noted that market breadth remains supported as quality assets have held up. Stephanie Link of Hightower and Jason Snipe of Odyssey Capital Advisors both stated they view potential pullbacks as opportunities to build existing allocations rather than attempting to time the calendar.
Josh Brown of Ritholtz Wealth Management argued that underlying market rotations have already taken place following a summer peak in momentum assets. Historical data shows that while September has often been considered challenging, the S&P 500 has averaged a decline of only 0.6% since 1950 and finished positive in 34 out of 75 years, with recent economic data showing U.S. job openings at 7.27 million in July.
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