Schwab Trading Activity Index™: Score Moves Fractionally Higher in May, Remaining at Moderate-Low Levels
10 Junho 2024 - 1:30PM
Business Wire
Schwab clients were net buyers during the May
period, decreasing exposure in the Communication Services, Consumer
Discretionary and Financial sectors
The Schwab Trading Activity Index™ (STAX) increased to 49.05 in
May, up slightly from its score of 48.87 in April. 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 May 2024
(Graphic: Charles Schwab)
The reading for the five-week period ending May 31, 2024, ranks
“moderate low” compared to historic averages.
“As they were in April, Schwab clients were net buyers of
equities during the May STAX period as they increased exposure to
technology-related names, especially those related to Artificial
Intelligence (AI) chip makers and the e-commerce and media
companies that rely on them,” said Joe Mazzola, Head Trading &
Derivatives Strategist at Charles Schwab. “Despite a significant
amount of buzz, we didn’t see any of the so-called ‘meme stocks’
rising to the top of the most bought or sold names in May, although
we did note that interest in those names was significantly greater
among Schwab’s younger clients than it was across the general
client population.”
U.S. equity markets rebounded from the volatile price swings
that characterized the April period. Despite headwinds from key
inflation measures and a brief spike above 4.60% in the 10-yr
treasury yield, the S&P 500, the Dow Jones Industrial Average,
and the Nasdaq Composite each notched new all-time highs in May.
The Cboe Volatility Index (VIX) reversed direction from the April
period, plummeting during the May STAX period from 15.03 to 12.92 -
near historic lows. On May third, the U.S. Bureau of Labor and
Statistics’ Employment Situation Summary showed nonfarm payrolls
increased by 175,000 in April, well shy of the consensus 243,000
estimate, and later in the month on May 30, initial jobless claims
came in at 219,000, slightly higher than the 218,000 expected. The
unemployment rate was little changed at 3.9%. The Consumer Price
Index (CPI) rose as anticipated by 0.3% for the month of April,
bringing the 12-month increase to 3.4% before seasonal adjustment.
The Producer Price index (PPI) came in at 0.5%, corresponding to a
12-month rise of 2.2%. U.S. Retail Sales was unchanged.
On May 31, Core Personal Consumption Expenditures (PCE) were
reported at 2.8% versus expectations of 2.7%. The S&P 500 rose
3.48%, the Nasdaq Composite rose sharply by 5.07%, and the Dow
Jones Industrial Average rose 1.7% during the May STAX period. The
10-year Treasury yield fell by 3.32% to close the period at 4.514,
but not without a great deal of volatility during the period. The
U.S. Dollar Index fell by 0.75%, closing the period at 104.67, and
June Crude Oil Futures declined by nearly 7% to close the May STAX
period at $76.99 per barrel.
Popular names bought by Schwab clients during the period
included:
- NVIDIA Corp. (NVDA)
- Advanced Micro Devices Inc. (AMD)
- Tesla Inc. (TSLA)
- Amazon.com Inc. (AMZN)
- Microsoft Corp. (MSFT)
Names net sold by Schwab clients during the period included:
- Apple Inc. (AAPL)
- Alibaba Group Holding Ltd. (BABA)
- Bank of America Corp. (BAC)
- Snap Inc. (SNAP)
- Exxon Mobil Corp. (XOM)
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.
0624-6NHE
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version on businesswire.com: https://www.businesswire.com/news/home/20240610213186/en/
Margaret Farrell Director, Corporate Communications (203)
434-2240 margaret.farrell@schwab.com
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