Meme stocks return to top trades among Schwab investors
Nvidia, Gamestop, AMD, and Tesla were among the most traded equities by investors with Schwab trading accounts, the firm has revealed.
The Schwab Trading Activity Index, STAX, showed a gain in June to 54.71, up from 49.05 in May and 48.87 in April, indicating growing bullishness among its clients over recent months. The four-week measure of behavior through to the end of June is moderate when considered against the index’s historic readings.
The analysis of millions of client accounts found that stagflation concerns appear to have eased last month, while the S&P 500 and Nasdaq Composite indexes reached new record highs on June 28, the last day of the STAX period.
Meanwhile, the June 7 release of US labor market stats were roughly in line with expectations, although unemployment did increase to 4%, and CPI and PPI data reflected easing inflation, although still above the Fed’s 2% target.
“Interestingly, unlike [May], excitement appeared to build around ‘meme stocks’ during the June STAX period and we saw that reflected in the month’s top buys across the general STAX population,” said Joe Mazzola, head Trading & Derivatives Strategist at Charles Schwab. “We’ll need to see whether that trend extends into July. On the whole, though, Schwab clients were net buyers of equities in June as they increased exposure to technology-related names and particularly those that are part of the increasing wave of interest in Artificial Intelligence.”
Popular names bought by Schwab clients during the period included:
Names net sold by Schwab clients during the period included:
Read more on investmentnews.com
