JPMorgan, Wells Fargo and Citadel Securities are turning more cautious on U.S. equities ahead of September's economic data, the Federal Reserve's Sept. 16 policy decision and the 2026 midterm elections. JPMorgan's market-intelligence team, led by Andrew Tyler, shifted to a tactically cautious stance on Aug. 31 after Federal Reserve Chairman Kevin Warsh made hawkish comments that lifted expectations for a September rate hike. The move followed an earlier tactical downgrade in June. Wells Fargo equity strategist Ohsung Kwon has voiced similar concerns since June, arguing that positive catalysts behind the artificial-intelligence rally have largely been priced in. Citadel Securities strategist Scott Rubner has recommended reducing exposure and adding downside hedges while options remained near their cheapest levels of 2026. The firms point to September's historically weak equity performance, slowing corporate buybacks, softer retail participation and systematic strategies approaching peak allocations. Their warnings are tactical rather than structural: longer-term earnings growth and the broader economic outlook remain supportive of equities.