4 Investment Committee Members on the September Setup: Why None Are Selling
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.
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.
Others followed, with JPMorgan's trading desk moving to neutral. Wells Fargo turned cautious on fears that AI spending has peaked.
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