Retail Trading Share to Rebound from 17%, JPMorgan Sees Costs at $106B
JPM•JPMorgan strategists project retail investors’ share of US equity trading to rebound from a four-year low of 17% in Q1 to levels seen in Q2 2025, potentially boosting market liquidity. Meanwhile, JPMorgan forecasts full-year operating costs could reach $106 billion as Wall Street revenue climbs.
1. Retail Investors Poised to Rebound
Retail investors’ share of US equity trading fell to 17% in Q1, its lowest level in four years. Strategists expect the share to rebound in Q2 2026 to levels seen in Q2 2025, driven by renewed call option buying by small traders in April and May.
2. Cost Outlook Rises with Revenue Growth
JPMorgan forecasts full-year operating costs could rise to $106 billion as Wall Street revenue increases. CEO Jamie Dimon attributed higher expenses to stronger business activity and noted that revenue growth is expected to offset the cost uptick.
