标普500指数仅比8月的历史高点低约1%，但9月的市场状况实际上更为严峻。
The S & P 500 is only about 1% below its August all-time high, but September was a much rougher month beneath the surface.
该指数中约有四分之三的股票下跌，这凸显出市场领导力的减弱，因为投资者纷纷转向一些大型蓝筹股。
About three-quarters of the stocks in the benchmark index fell this month, highlighting how narrow market leadership has become as investors crowd back into some of the biggest names.
苹果、英伟达、Alphabet、微软和Meta Platforms等指数成分股的上涨在一定程度上掩盖了大多数股票的疲软表现。
Gains in several of the index's largest companies, such as Apple , Nvidia , Alphabe t, Microsoft and Meta Platforms helped mask weakness in the majority of stocks.
摩根士丹利私人财富管理部门的董事总经理克里斯·图米在周二的CNBC节目《Closing Bell》中表示：‘市场宽度正在逐渐收窄，主要集中在那些高质量、占指数比重较大的股票上。’
"Market breadth … is really starting to narrow, and it's really narrowing into those kind of higher quality names that are a larger part of the index," Chris Toomey, Morgan Stanley managing director of private wealth management, said on CNBC's "Closing Bell" on Tuesday.
图米认为，投资者变得更加谨慎，开始远离此前引领市场的高贝塔值股票。
Investors appear to be getting more defensive and moving away from higher-beta stocks that had previously led the market, Toomey said.
不过，标普500指数的中位数股票仍保持着超过15%的盈利增长。
Still, the median S & P 500 stock is generating earnings growth of more than 15%, he said.
摩根士丹利的分析师在周一的一份报告中指出，最近在标普500指数中，股价高于200日均线的股票比例从夏季的约75%下降到了49%。
Investors are " just being more defensive in getting out of those other names," Toomey said. In a report on Monday, Morgan Stanley analysts said that the share of S & P 500 stocks trading above their 200-day moving average recently fell to 49% from roughly 75% during the summer.
由迈克尔·威尔逊领导的五位策略师团队表示：‘我们预期2026年的盈利将有所增长，同时市盈率也会下降。’
"Our stronger earnings plus lower multiples narrative for 2026 tells the story," according to a group of five strategists led by Michael Wilson.
尽管原油价格和债券收益率上升，但夏季市场宽度仍在改善；然而，8月底美联储主席凯文·沃什在杰克逊霍尔会议的讲话使市场预期央行将采取更为紧缩的货币政策，导致市场出现逆转。
Breadth was improving over the summer even as crude oil prices and bond yields moved higher, but a reversal came after Fed Chair Kevin Warsh's address at Jackson Hole in late August led markets to price in more hawkish central bank policy.
威尔逊认为：‘如果债券波动性不减弱，指数与市场宽度之间的分歧必须得到解决。
"However, the divergence between the index and breadth must be reconciled.
我们建议投资者继续持有大盘优质股票，并在10月适当增加对高风险股票的配置。’
We lean toward a meeting in the middle if the bond volatility doesn't calm down," Wilson said. "Stick with large cap quality and add to riskier stocks in October."