Schwab clients were net buyers in March, with
the most pronounced buying within the Information Technology,
Health Care, and Consumer Staples sectors
The Schwab Trading Activity Index™ (STAX) increased to 51.65 in
March, up from its score of 47.65 in February. The only index of
its kind, the STAX is a proprietary, behavior-based index that
analyzes retail investor stock positions and trading activity from
Schwab’s millions of client accounts to illuminate what investors
were actually doing and how they were positioned in the markets
each month.
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Schwab Trading Activity Index March 2024
(Graphic: Charles Schwab)
The reading for the four-week period ending March 28, 2024 ranks
“moderate” compared to historic averages and marks the highest
reading since May 2022.
“In the face of undeniably mixed macroeconomic data, the markets
soared this month, and the STAX score continued its rise in step,”
said Joe Mazzola, Director of Trading and Education at Charles
Schwab. “Despite the market highs, however, Schwab clients remain
in the moderate range of market exposure as measured by the STAX.
They net bought equities in March, but we continue to see that
retail investors are engaging in strategic, thoughtful buying.
There’s palpable enthusiasm when it comes to names related to
technology, for example, but clients also found areas to moderate
and trim exposure.”
U.S. equity markets continued to rally and reached new all-time
highs during the March STAX period despite key data pushing back
against the narrative that Fed rate cuts could begin as early as
May. On February 29, initial jobless claims came in at 215,000,
slightly higher than expected, and the U.S. Bureau of Labor and
Statistics’ Employment Situation Summary released on March 8 showed
that nonfarm payrolls increased by 275,000 in February -
significantly better than expected. However, the unemployment rate
increased to 3.9%, higher than the anticipated 3.7%. The Consumer
Price Index (CPI) rose, as anticipated, by 0.4% for the month of
February, bringing the 12-month increase to 3.2% before seasonal
adjustment, while the Producer Price index (PPI) came in much
higher than expected at 0.6% vs expectations of 0.3%. U.S. Retail
Sales for February increased 0.6% from the previous month, slower
than an expected increase of 0.8%.
On March 20, U.S. Federal Reserve Chairman Jerome Powell
indicated that despite recent readings, inflation is gradually
decreasing, although confidence as to the timing of achieving the
target rate may be understandably shaky. This was reflected in the
month’s Consumer Confidence reading, which dipped below
expectations and February’s reading in at 104.7. But traders seemed
to move past any lingering worries over recession or a meaningful
stock market pullback as they drove both the Nasdaq® and S&P
500® to soaring new heights. Meanwhile, the CBOE Volatility Index
(VIX) declined from 13.75 to 13.01, low by historical measures, as
the 10-year Treasury yield exhibited a bit of its own volatility
trading within a 30-basis point range before settling basically
unchanged. The U.S. Dollar Index, too, was barely changed, closing
at 104.55. May Crude Oil Futures, however, rose sharply by 8.7% and
closed the March STAX period at $83.17.
Popular names bought by Schwab clients during the period
included:
- NVIDIA Corp. (NVDA)
- Tesla Inc. (TSLA)
- Apple Inc. (AAPL)
- Advanced Micro Devices Inc. (AMD)
- Palo Alto Networks Inc. (PANW)
Names net sold by Schwab clients during the period included:
- Coinbase Global Inc. (COIN)
- Walt Disney Co. (DIS)
- PayPal Holdings Inc. (PYPL)
- Block Inc. (SQ)
- Netflix Inc. (NFLX)
About the STAX
The STAX value is calculated based on a complex proprietary
formula. Each month, Schwab pulls a sample from its client base of
millions of funded accounts, which includes 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 STAX.
For more information on the Schwab Trading Activity Index,
please visit www.schwab.com/investment-research/stax. Additionally,
Schwab clients can chart the STAX using the symbol $STAX in either
the thinkorswim® or thinkorswim Mobile platforms.
Investing involves risk, including loss of principal. Past
performance is no guarantee of future results.
Content intended for educational/informational purposes only.
Not investment advice, or a recommendation of any security,
strategy, or account type.
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 STAX is not a tradable index. The STAX should not be used as
an indicator or predictor of future client trading volume or
financial performance for Schwab. STAX data includes that from
accounts of TD Ameritrade, Inc. clients which have not yet
transferred to Charles Schwab & Co., Inc., as part of our
planned integration.
TD Ameritrade, Inc., member FINRA/SIPC, a subsidiary of The
Charles Schwab Corporation.
About Charles Schwab
At Charles Schwab, we believe in the power of investing to help
individuals create a better tomorrow. We have a history of
challenging the status quo in our industry, innovating in ways that
benefit investors and the advisors and employers who serve them,
and championing our clients’ goals with passion and integrity.
More information is available at aboutschwab.com. Follow us on
X, Facebook, YouTube, and LinkedIn.
0424-VNCA
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version on businesswire.com: https://www.businesswire.com/news/home/20240408112995/en/
Margaret Farrell Director, Corporate Communications (203)
434-2240 margaret.farrell@schwab.com
Charles Schwab (NYSE:SCHW)
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