U.S. Retail Stock Trading Activity Falls 45% Since 2025 Year-End

Retail stock-trading activity in the United States has fallen about 45% since the end of 2025, while retail investors’ share of total U.S. stock volume has declined six percentage points to about 9%, leaving household demand in focus as public share supply may expand.

The 9% share is near its lowest level since 2020. U.S. households net bought about $840 billion in stocks during the first half of 2026, and stock mutual funds and exchange-traded funds attracted about $350 billion year to date. The wealthiest 10% of U.S. households hold about 87% of household equity assets.

Goldman Sachs ties weaker retail buying interest to higher energy prices, weak consumer confidence and rising Treasury yields. Its baseline outlook is that household stock demand may remain solid if the labor market holds up and bond yields ease moderately.

U.S. listed and unlisted companies collectively recorded about $175 billion in net equity issuance in the first half of 2026. Goldman Sachs says the increase in net supply in the U.S. public stock market may be the largest since 2000 in 2027, reflecting new share offerings and the unlocking of restricted shares.

Goldman Sachs sees household buying as key to absorbing additional shares, particularly while hedge funds reduce their exposure.