Retail investors were the main buyers when U.S. stocks tumbled on Thursday. U.S. stocks tumbled on fears that the Federal Reserve will be forced to expand interest rate hikes to curb inflation at a 40-year high.
Retail investors bought a net $2.6 billion worth of stocks and ETFs on Thursday, according to Vanda Research. The company said it was the highest net purchase ever recorded by Vanda, with data going back to January 2014.
Biggest buy during sell-off: SPDR S&P 500 ETF Trust (SPY-US), the Invesco QQQ Trust Series 1 ETF and Apple (AAPL-US)。
The QQQ ETF tracks the tech-heavy Nasdaq 100, which is down more than 21% this year. Retail investors are divided on where to go next.
The No. 4 most popular target on Thursday was the ProShares UltraPro QQQ ETF (TQQQ-US), equivalent to three times the Nasdaq 100’s performance on the day. And the sixth most popular option is the ProShares UltraPro QQQ Short ETF (SQQQ-US), which is an inverse index of 3 times.
The S&P 500 fell 3.6% on Thursday and is down regarding 13% for the year.
