Retail investors have sharply reduced purchases of individual U.S. stocks, buying only $1 billion of single‑stock equity over the past 20 trading days, according to data from The Kobeissi Letter. This level represents the lowest 20‑day total recorded in at least two years.
Recent trends
In early August, the 20‑day measure of retail single‑stock buying briefly turned negative for the first time since at least October 2024. By contrast, retail investors bought $20 billion of single stocks in a 20‑day period in April 2025.
Overall retail equity activity
Overall retail equity purchases have fallen to a net inflow of $10 billion over the same 20‑day window, also near the lowest reading since October 2024. This represents a 67 % decline from the $30 billion net inflow recorded over a 20‑day period in February 2026.
Institutional versus retail flow
Institutional investors added $4.1 billion to U.S. equities in the week ending September 18, while retail investors recorded a net outflow of $2.2 billion that same week, marking their eighth consecutive week of net sales. Over the past four weeks, retail investors have averaged weekly net sales of $1.9 billion.
These data suggest a divergence between institutional buying and retail selling in the U.S. equity market.
