# Wall Street Firms See Year-End U.S. Stock Gains as Retail Buying Persists By Enna Lee Canonical URL: https://www.tokenpost.com/news/investing/50094 Published: 2026-11-06T13:04:54.000Z Updated: 2026-11-06T13:04:54.000Z Section: Investing > CTA equity positions were near their lowest level since 2018. HSBC sees a successful Anthropic IPO as a possible catalyst for technology stocks. Wall Street firms are making a case for U.S. stocks to rise into year-end, pointing to low trend-following exposure, sustained retail buying and the expected return of corporate buybacks after the midterm elections. Net U.S. equity positions among systematic trend-following strategies, known as CTAs, were near their lowest level since 2018. Retail investors were net buyers of U.S. cash equities for 22 consecutive trading sessions beginning Oct. 5, accumulating nearly $33 billion. Companies representing 85% of the S&P 500's market value were expected to be eligible to repurchase shares by Nov. 9. Earlier [TokenPost coverage of CTA positioning]() examined a separate shift in fund exposure and corporate buyback authorizations. Technology valuations have also contracted as earnings estimates have risen. The Nasdaq-100's price-to-earnings ratio fell to 19.1, its lowest since October 2022. The ratio for S&P 500 semiconductor companies dropped to 13.8, down 45% from its high at the start of the year. Since late June, forward earnings-per-share estimates have increased 32% for memory, 31% for AI infrastructure and 30% for semiconductors. JPMorgan has maintained a tactical bullish stance and favors a mix of technology and cyclical stocks. HSBC views a successful Anthropic IPO as a possible catalyst for broader improvement in sentiment toward technology stocks. Since 1938, the S&P 500 has risen in 95% of the 12-month periods following U.S. midterm elections, with an average gain of about 14%. ## Links in this article - [TokenPost coverage of CTA positioning](https://www.tokenpost.com/news/investing/26563)