TD Ameritrade clients continued to be net buyers, favoring equities

The Investor Movement Index® (IMX℠) increased to 4.63 in July, up 1.76 percent from its June score of 4.55. The IMX is TD Ameritrade’s proprietary, behavior-based index, aggregating Main Street investor positions and activity to measure what investors actually were doing and how they were positioned in the markets.

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TD Ameritrade July 2020 Investor Movement Index (Graphic: TD Ameritrade)

The reading for the five-week period ending July 31, 2020, ranks “ Moderate Low” compared to historic averages.

“Our clients continued to see opportunity in July, especially in tech-related stocks, as the Nasdaq helped lead the way higher for markets overall. As a backdrop, we continue to have the headline risk of COVID-19 and its implications – both good and bad – for many sectors, particularly health care and retail,” said JJ Kinahan, chief market strategist at TD Ameritrade. “Earnings season helped add another element to trade during the month and, in many cases, increased individual stock volatility.”

Equity markets moved higher during the period as optimism about reopening economies took hold, even as the COVID-19 pandemic continued to dominate headlines, with deaths in the U.S. passing 150,000. Congress began discussing additional stimulus measures, with the Senate passing a $1 trillion coronavirus relief bill proposal, which ultimately stalled in the House. Economic data was mixed during the period. After increasing 5.6 percent in June, consumer spending appeared to pull back in July as coronavirus case numbers rose. The gross domestic product (GDP) was also in focus, with news that the U.S. economy contracted at a record annual rate during the second quarter, down 32.9 percent, the steepest drop in more than 70 years. Federal Reserve Chairman Jerome Powell announced that the Fed will keep interest rates near zero for the foreseeable future.

TD Ameritrade clients were net buyers once again during the July period, focusing most of their energies largely on the information technology and health care sectors. Some of the popular names that clients bought during the period included:

  • Tesla, Inc. (TSLA)
  • Pfizer Inc. (PFE)
  • Apple Inc. (AAPL)
  • Microsoft Corporation (MSFT)
  • Nikola Corporation (NKLA)
  • Crowdstrike Holdings, Inc. (CRWD)

Some of the names that they net sold during the period included:

  • Roku, Inc. (ROKU)
  • Facebook, Inc. (FB)
  • Costco Wholesale Corporation (COST)
  • FedEx Corp. (FDX)
  • Twitter (TWTR)
  • United Airlines Holdings, Inc. (UAL)

About the IMX

The IMX value is calculated based on a complex proprietary formula. Each month, TD Ameritrade pulls a sample from its client base of more than 13 million funded accounts, which includes all accounts that completed a trade in the past month. The holdings and positions of this statistically significant sample are evaluated to calculate individual scores, and the median of those scores represents the monthly IMX. For more information on the Investor Movement Index, including historical IMX data going back to January 2010; to view the full report from July 2020; or to sign up for future IMX news alerts, please visit www.tdameritrade.com/IMX. Additionally, TD Ameritrade clients can chart the IMX using the symbol $IMX in either the thinkorswim® or thinkorswim Mobile platforms.

Inclusion of specific security names in this commentary does not constitute a recommendation from TD Ameritrade to buy, sell, or hold. All investments involve risk including the possible loss of principal. Please consider all risks and objectives before investing.

Past performance of a security, strategy, or index is no guarantee of future results or investment success. Historical data should not be used alone when making investment decisions. Please consult other sources of information and consider your individual financial position and goals before making an independent investment decision.

The IMX is not a tradable index. The IMX should not be used as an indicator or predictor of future client trading volume or financial performance for TD Ameritrade.

About TD Ameritrade Holding Corporation

TD Ameritrade provides investing services and education to approximately 13 million client accounts totaling approximately $1.5 trillion in assets, and custodial services to more than 7,000 registered investment advisors. We are a leader in U.S. retail trading, executing more than 3 million daily average revenue trades per day for our clients, one-third of which come from mobile devices. We have a proud history of innovation, dating back to our start in 1975, and today our team of nearly 10,000-strong is committed to carrying it forward. Together, we are leveraging the latest in cutting edge technologies and one-on-one client care to transform lives, and investing, for the better. Learn more by visiting TD Ameritrade’s newsroom at www.amtd.com, or read our stories at Fresh Accounts.

Brokerage services provided by TD Ameritrade, Inc., member FINRA (www.FINRA.org) / SIPC (www.SIPC.org)

Source: TD Ameritrade Holding Corporation

Margaret Farrell Sr. Manager, Corporate Communications (203) 434-2240 margaret.farrell@tdameritrade.com

Jeff Goeser Managing Director, Investor Relations (402) 597-8464 jeffrey.goeser@tdameritrade.com

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