The September setup: The Investment Committee's strategy
Спикеры
Joe Terranova
— Старший управляющий директор, Virtus Investment Partners
Stephanie Link
— Главный инвестиционный стратег, Hightower
Jason Snipe
— Основатель, Odyssey Capital Advisors
Josh Brown
— Генеральный директор, Ritholtz Wealth Management
Scott Rubner
— Управляющий директор, Goldman Sachs
Scott Wapner
— Ведущий, CNBC
The Investment Committee debates whether September's historically weak seasonality warrants de-risking. Joe Terranova prefers quality over momentum but sees a possible near-term momentum rebound; Stephanie Link wants to buy September volatility and favors value over growth. Jason Snipe and Josh Brown stay constructive on equities, while quoted strategist Scott Rubner advises tactical caution and added protection; the host flags Mag-7 ROI anxiety and data center concerns.
- Committee discusses September's weak seasonal history and momentum factor underperformance.
- Joe Terranova says quality is outperforming momentum and sees a possible momentum rebound.
- Stephanie Link plans to use September volatility to add to equities and sees value beating growth.
- Jason Snipe cites strong earnings and historical patterns to stay long and add on soft patches.
- Josh Brown argues the momentum unwind is healthy and notes health care and energy participation.
- Scott Rubner's quoted view is to reduce equity exposure and add protection into September.
- Host Scott Wapner points to lost catalysts, Mag-7 ROI anxiety and data center issues.
Идеи
Prefer quality over momentum this quarter
Quality has been up 1.5% this quarter while momentum has fallen double digits, so the market has a place to rotate; he prefers quality over momentum as sentiment turns bearish.
Momentum factor may get near-term rebound
Momentum's severe drawdown and growing bearishness are signs sentiment is finally turning, which he says creates a near-term recovery rebound for high beta momentum; he would not get too bearish and is watching semis, with Micron higher intraday as his indicator.
Momentum factor may get near-term rebound
Momentum's severe drawdown and growing bearishness are signs sentiment is finally turning, which he says creates a near-term recovery rebound for high beta momentum; he would not get too bearish and is watching semis, with Micron higher intraday as his indicator.
Use September weakness to add equities
Rubner sees the near-term risk/reward as changed because earnings are behind, retail demand becomes smaller, systematic exposure has rebuilt, corporate buybacks fade into blackout and volatility tailwinds are gone; he would use strength to reduce some exposure and add inexpensive protection into September, but sees it as a tactical reset that could create a better entry point around mid-October, not a broader bearish turn.
Value should keep outperforming growth
Value has outperformed growth year to date by 14%, supported by valuations and higher interest rates; she sees the solid economy and elevated rates keeping that rotation intact.
Momentum cool-off is healthy for equities
He argues the momentum unwind has been happening all summer and is healthy: momentum peaked relative to the S&P on June 22 and is down 13.7% since then, while broad waves of non-momentum stocks, including health care and energy, have picked up the slack; he would not make tactical seasonal sales.
Caution is more than September seasonality
He argues the current caution is not merely seasonal because earnings are no longer a catalyst, corporate buybacks fade into blackout, volatility may return, and the Mag-7 face ROI anxiety plus data center issues, making the setup more than a calendar trade.
Далее
This CNBC video, published September 01, 2026, features Joe Terranova, Stephanie Link, Josh Brown, Scott Wapner discussing Quality Factor, MTUM, SMH, MU, SPY, Value factor, XLV, XLE, MAGS. 7 trade ideas extracted by AI with direction and confidence scoring.
Speakers: Joe Terranova, Stephanie Link, Josh Brown, Scott Wapner · Tickers: Quality Factor, MTUM, SMH, MU, SPY, Value factor, XLV, XLE, MAGS