Retail investors turn cautious as equity purchases near two-year lows
Retail buying of single stocks has slumped to near the lowest 20-day total in at least two years, while total equity purchases are also down sharply.
Retail flows into individual stocks have weakened sharply. Over the last 20 trading days, investors bought only about $1 billion of single stocks, near the lowest 20-day total in at least two years. In early August the figure briefly turned negative for the first time since at least October 2024.
The slowdown extends across retail equity purchases. Total retail equity buying over the last 20 sessions is roughly $10 billion, near the lowest reading since at least October 2024. That is down 67% from the $30 billion recorded in the 20-day period in February 2026, and compares with $20 billion in April 2025.
The trend points to rising caution among retail investors.
Source: The Kobeissi Letter