Jurrien Timmer(@TimmerFidelity):The S&P 500 has not made any lasting progress since early June. The market remains in a state of churn as investors try to assess whether earning growth is peaking, whether the AI boom has ended, and whether the Iran conflict will continue to accelerate as bond yields surpass 5% and oil trades above $100. What’s the catalyst to generate the bull market’s next up leg? For now, I don’t see one. Welcome to September!

Jurrien Timmer

@TimmerFidelity

Dir. of Global Macro @Fidelity. Student of history, chart maker, cyclist, cook. Helping investors break thru the clutter. Views are mine.

Joined December 2014

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Jurrien Timmer@TimmerFidelity

2026.09.22 11:14

The S&P 500 has not made any lasting progress since early June. The market remains in a state of churn as investors try to assess whether earning growth is peaking, whether the AI boom has ended, and whether the Iran conflict will continue to accelerate as bond yields surpass 5% and oil trades above $100. What’s the catalyst to generate the bull market’s next up leg? For now, I don’t see one. Welcome to September!