JPMorgan comments on cooling sentiment in earnings season: US stock retail investors shift to defensive positions, AI sector shows significant divergence

According to Jinzhitong Finance APP, JPMorgan recently released the "Retail Radar" weekly report on retail investor behavior, focusing on the Q3 2026 earnings window, the Federal Reserve interest rate meeting, and the Brazilian presidential election black swan event. Data shows that overall risk appetite among U.S. individual investors has significantly declined, trading activity has dropped sharply, and funds are shifting from aggressive growth sectors to defensive styles. There is a clear divergence in performance and capital flows within the AI industry chain, and external macro events are further intensifying market volatility.