Welcome to September, the least appreciated month of Wall Street -

Traders work on the New York Stock Exchange prosecution during morning negotiations on August 22, 2025 in New York.

Michael M. Santiago | Getty images

September on the markets is a bit like a Monday morning; No one is looking forward to him and he is generally up to his reputation.

August gave investors a lot to encourage, but history says that September tends to be the worst month of the year for shares.

THE S&P 500 Hit a fresh record at the end of August, exceeding 6,500, while the Dow Jones has also touched new peaks. Through the Atlantic, the Stoxx Europe 600 recorded his first two -month victories sequence since February.

S&P 500 in August

But the September spectrum is looming. Traditionally, the composite Dow, S&P 500 and Nasdaq displays all their worst month of the year in September, according to Dow Jones Data.

From the point of view of the sector, it is a mixed image, especially in Europe. Two -thirds of the third quarter path – drawn by the benefits of companies through the continent and continuous macro -world uncertainty – there are clear winners and losers.

The biggest winner? The European banking sector. Actions have reached their highest level since the 2008 financial crisis in early August, while positive profits and more discussions on space agreements have continued to stimulate growth.

Germany Commerzbank carried out the higher charge, with actions adding to their already impressive performance in the first half, up more than 100% per year.

Commerzbank against WPP in August

Leaving, media stocks have been hardly affected in the past two months – a drop of more than 8% – with concerns about the impact of AI hitting a number of major European players. Advertising group Wp was the most efficient in the sector, sagging because it brought in a drop of 71% profit before tax in the first half and reduced its annual prospects.

In graphics: performance of the EU sector this quarter

For September and the coming year, some market players are positive. “We believe that the bull market of equity will remain intact. In our basic case, we expect an economic landing, to solid companies and at lower interest rates to support the markets in the next 12 months,” said Mark Haefele, director of investments at UBS Global Wealth Management, in a note.

Others are more cautious. The chief economist of Ey-Parthenon, Gregory Daco, affirms that the American economy “shows resilience, but it undergoes increasing pressure. Although the American economy increased at a robust annualized rate of 3.0% in the second quarter 2025, the force was largely a mirage, reflecting a sharp drop in imports after the companies The year. ”

For the future, a recent Barclays report predicted a slowdown in the second period, but a rebound in American and European economic growth in 2026, saying that “the markets will react to the twin subjects of the prices and the American tax bill”.

While merchants and investors come back from their summer vacation to rebalance their portfolios, there will be key moments to watch, in particular: