Monthly report, formerly the TD Ameritrade
Investor Movement Index®, provides unique insights into retail
trading behavior at an unprecedented scale from Schwab's millions
of retail investor clients
Schwab today introduced the Schwab Trading Activity Index
(STAX), offering timely insights into retail trading behavior from
one of the industry’s largest retail investor client bases.
Building on the success of the TD Ameritrade Investor Movement
Index® (IMXSM), launched in 2013, the STAX is a new proprietary,
behavior-based index that analyzes retail investor stock positions
and trading activity to illuminate what investors were actually
doing and how they were positioned in the markets each month.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20240111543882/en/
Following an aggregated and anonymized analysis of Schwab’s
millions of client accounts, the STAX determines a score, generally
ranging from 35-70, that serves as a proxy to gauge Schwab clients’
exposure to equity markets. Over time, changes in this score
month-by-month serve as an indirect measure of sentiment, with a
higher score indicating greater market exposure and a correlation
to bullishness, and a lower score indicating lower market exposure
associated with potential bearishness. For example, if the STAX
score rises from 40 to 50 from one month to the next, that would
indicate that Schwab’s clients, on a whole, increased their
exposure to the equity markets and could mark a rise in bullish
sentiment.
“As we near completion in the first half of 2024 of the
industry’s largest integration of its kind, Schwab is emerging as
an even stronger leader in the retail investing and trading space,
serving a wide range of investors including High Net Worth, people
seeking wealth management and advice, sophisticated traders, and
those just getting started on their investing journey,” said James
Kostulias, head of Trading Services at Charles Schwab. “The
introduction of STAX is a reflection of Schwab’s leadership
position in the industry and our deep understanding of trading
behavior and sentiment. Going forward, we view STAX as a unique
proxy for what’s happening across an incredibly diverse mix of
retail investors and traders on a month-to-month basis, and we
expect it to be a useful resource for clients, academics, media,
and anyone else seeking to understand and keep a pulse on retail
trading behavior.”
December Insights
The STAX score for December 2023 reads 44.56, an increase from
the November score of 43.64.
The reading for the five-week period ending December 29, 2023
ranks “moderate low” compared to historic averages.
“The holidays tend to be an optimistic time of year for many,
and this year was no exception among Schwab’s clients,” said Joe
Mazzola, Director of Trading and Education at Charles Schwab. “We
did see net selling on a dollar basis, which was particularly
pronounced among the Information Technology, Communication Services
and Financials sectors, but from an activity perspective, our
clients bought more equities than they sold. It’s possible this is
a sign of continued optimism into the new year, with virtually all
economic indicators painting a rosier picture than in many recent
months.”
U.S. equity markets continued a rally during the December STAX
period as traders and investors positioned for a “Santa Claus
Rally” into the year’s end. Economic data supported the rally; the
U.S. Bureau of Labor and Statistics released its Employment
Situation Summary on December 8, which showed that nonfarm payrolls
increased by 199,000 in November, which was better than expected.
The U.S. unemployment rate decreased slightly to 3.7%. On December
12, the Consumer Price Index (CPI) for the month of November rose
by 0.1% to 3.1% year-over-year, further easing inflation fears. In
a December 13 press conference, U.S. Federal Reserve Chair Jerome
Powell remarked that tight monetary policy was having the intended
effect of reducing inflation, and that the Federal Open Market
Committee (FOMC) had begun discussions around potential cuts to the
Federal Funds Rate in 2024. This was perceived as a dovish surprise
and a major pivot from the Fed’s “higher for longer” messaging of
just weeks prior and fueled a steep decline in the yield on the 10
Year Treasury Note, which fell to 3.88%.
During the December STAX period, the S&P 500 (SPX) continued
an ascent, rising by 4.62% to close at 4769.83. The CBOE Volatility
Index (VIX) was virtually unchanged and remained near its yearly
lows. Treasury yields plummeted, with the 10-year yield ending the
period below 3.9%, and the U.S. Dollar Index also finished near
multi-month lows. Crude oil continued its recent decline with
February futures contracts settling at $71.65 per barrel.
Popular names bought by Schwab clients during the period
included:
- Pfizer Inc. (PFE)
- Alibaba Group Holding Ltd. (BABA)
- NVIDIA Corp. (NVDA)
- Microsoft Corp. (MSFT)
- Exxon Mobil Corp. (XOM)
Names net sold by Schwab clients during the period included:
- Apple Inc. (AAPL)
- Meta Platforms Inc. (META)
- Tesla Inc. (TSLA)
- Block Inc. (SQ)
- Home Depot Inc. (HD)
2023 in Review
The STAX ended 2022 at its lowest level since April 2020 but
began 2023 with three consecutive months of increasing scores. A
resurgent tech trade driven by hype around increased investment
into artificial intelligence bolstered sentiment. April saw the
first decline in the STAX for 2023 as uncertainty surrounding the
health of the banking system dampened sentiment. The STAX bounced
back sharply to close out the second quarter, finishing at 46.76 in
June, its highest level in over a year. Equities continued to rally
throughout much of the summer, and the STAX reached 48.08 in
August, its highest level of 2023. Interest rates rose dramatically
throughout the fall months, pressuring equities. The STAX posted
three straight monthly declines before bouncing back in December to
end the year at 44.56 after a dovish pivot from the Federal Reserve
sent equites near all-time highs.
About the STAX
The STAX value is calculated based on a complex proprietary
formula. Each month, Schwab pulls a sample from its client base of
funded accounts, which includes accounts that completed a trade in
the past month. The holdings and positions of this statistically
significant sample are evaluated to calculate individual scores,
and the median of those scores represents the monthly STAX.
For more information on the Schwab Trading Activity Index,
please visit www.schwab.com/investment-research/stax. Additionally,
Schwab clients can chart the STAX using the symbol $STAX in either
the thinkorswim® or thinkorswim Mobile platforms.
Investing involves risk, including loss of principal. Past
performance is no guarantee of future results.
Content intended for educational/informational purposes only.
Not investment advice, or a recommendation of any security,
strategy, or account type.
Historical data should not be used alone when making investment
decisions. Please consult other sources of information and consider
your individual financial position and goals before making an
independent investment decision.
The STAX is not a tradable index. The STAX should not be used as
an indicator or predictor of future client trading volume or
financial performance for Schwab. STAX data includes that from
accounts of TD Ameritrade clients which have not yet transferred to
Charles Schwab & Co., Inc., as part of our planned
integration.
TD Ameritrade, Inc., member FINRA/SIPC, a subsidiary of The
Charles Schwab Corporation. TD Ameritrade is a trademark jointly
owned by TD Ameritrade IP Company, Inc. and The Toronto-Dominion
Bank.
About Charles Schwab
At Charles Schwab, we believe in the power of investing to help
individuals create a better tomorrow. We have a history of
challenging the status quo in our industry, innovating in ways that
benefit investors and the advisors and employers who serve them,
and championing our clients’ goals with passion and integrity.
More information is available at aboutschwab.com. Follow us on
X, Facebook, YouTube, and LinkedIn.
0124-4JDV
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240111543882/en/
Margaret Farrell Director, Corporate Communications (203)
434-2240 margaret.farrell@schwab.com
Charles Schwab (NYSE:SCHW)
過去 株価チャート
から 4 2024 まで 5 2024
Charles Schwab (NYSE:SCHW)
過去 株価チャート
から 5 2023 まで 5 2024