The Kobeissi Letter(@KobeissiLetter):Retail investors are slowing their stock purchases: Retail investors have bought a net +$13.0 billion in US equities over the last month, the least since 2020, according to VandaTrack. Retail net monthly purchases have declined -$18.0 billion, or -58%, since early 2026. At the same time, net purchases of single stocks have fallen -$8.0 billion, or -71%, to $3.2 billion, the lowest since Q1 2020. Despite this, total retail turnover is up to a record $500 billion, doubling since mid-2024. This comes as retail investors are now selling stocks almost as aggressively as they are buying, compressing net purchases. Retail activity in the market is cooling down.

2026.07.10 18:00

Retail investors are slowing their stock purchases: Retail investors have bought a net +$13.0 billion in US equities over the last month, the least since 2020, according to VandaTrack. Retail net monthly purchases have declined -$18.0 billion, or -58%, since early 2026. At the same time, net purchases of single stocks have fallen -$8.0 billion, or -71%, to $3.2 billion, the lowest since Q1 2020. Despite this, total retail turnover is up to a record $500 billion, doubling since mid-2024. This comes as retail investors are now selling stocks almost as aggressively as they are buying, compressing net purchases. Retail activity in the market is cooling down.