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The Schwab Trading Activity Index ("STAX"), a gauge that analyzes retail investor stock positions and trading activity from Charles Schwab’s (NYSE:SCHW) client accounts, jumped to 54.71 in June from 49.05 in May, pulling it up to the "moderate" range.
Overall, Schwab's (SCHW) clients were net buyers of equities for the four-week period ended June 28, 2024, as U.S. equity markets added to gains from the previous period.
“Interestingly, unlike last month, excitement appeared to build around ‘meme stocks’ during the June STAX period and we saw that reflected in the month’s top buys across the general STAX population,” said Joe Mazzola, head Trading & Derivatives Strategist at Charles Schwab.
Traders boosted their exposure to technology-linked names and "particularly those that are part of the increasing wave of interest in Artificial Intelligence," he noted.
Popular names bought by client during the period included Nvidia (NVDA), Advanced Micro Devices (AMD), GameStop (GME), Amazon.com (AMZN) and Apple (AAPL).
Names net sold by clients were Tesla (TSLA), Meta Platforms (META), Palo Alto Networks (PANW), Walt Disney (DIS) and AT&T (T).