Goldman Sachs: Retail investors account for about 30% of U.S. stock trading volume, and June trading value hit a new all-time high

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Golden Finance reports, citing Goldman Sachs data, that retail investors currently account for about 30% of daily trading volume in U.S. stocks. In May this year, retail stock trading value was 10% higher than the peak during the Jan 2021 “retail vs. Wall Street” period, and in June it further set a new historical record.
Options market activity is rising in tandem. Since the beginning of this year, daily trading volume has repeatedly broken 50 million contracts, doubling from three years ago. Citadel Securities data shows that July became one of the strongest months on record for retail buying momentum, and there has not yet been a day of net selling. Continued buying has also prompted some low-position institutions to chase the rally at higher levels.
Goldman estimates that the assets held by retail investors in self-directed brokerage accounts have reached $12 trillion, about 10% of the U.S. corporate equity market. If direct and indirect holdings are included, the total scale of U.S. individual investors reaches $111 trillion. Bobby Molavi, head of execution services at Goldman, described it as a “great white whale” in capital markets.
However, there is still disagreement in the market about the AI narrative driving this round of the rally. Commentator Ed Zitron warns that OpenAI’s high compute spending and infrastructure debt may bring an “AI Lehman moment”; Howard Marks, co-chairman of Oaktree Capital, believes AI’s productivity potential could offset near-term financial pressure.
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