Retail traders sit out volatile September as activity falls to lowest since late 2024
SPY•September was the weakest month for retail trading activity since December 2024, with monthly flows about 10% below the 12-month average. Net retail turnover in listed U.S. securities was $9.1 billion, the lowest since January 2020.
1. Retail activity declines
Retail traders stayed on the sidelines in September, with monthly flows about 10% below the prior 12-month average, J.P. Morgan said. Net retail turnover across listed U.S. securities was positive $9.1 billion, its lowest reading since January 2020, Vanda data showed.
2. ETF flows also subdued
ETF flows were soft, J.P. Morgan said. Net turnover in exchange-traded products was positive $8 billion, the lowest since November 2024, a separate analysis of Vanda data showed. Nvidia was the most net-bought single stock, while Meta Platforms was the most net-sold.
3. Volatile month for stocks
U.S. stocks experienced volatility as crude oil prices surged, government bond yields reached their highest levels in decades, and warnings from AI industry heads weighed on sentiment. The S&P 500 fell 0.4% for the month.
