How America’s retail army came to rule the stock market
Individual investors in the US have become the most influential set of investors in the stock market, with their share of daily trading doubling to 36% in the past 15 years. In 2025, US retail trading topped $5 trillion, exceeding the pandemic high, and they remained net buyers in 2026 despite the Iran war.
US individual investors have emerged as the most influential investors in the stock market. Their share of daily trading in US stocks doubled to 36% in the past 15 years, surpassing big banks and hedge funds. In 2025, US retail trading reached $5 trillion, exceeding the pandemic high. Three factors drive retail investors' faith in the stock market: stimulus, bailouts, and technology. Record government and central bank funds have been invested in the stock market, and low-cost trading platforms have increased access. Retail investors now hold more wealth in stocks than in their homes, with nearly 60% of US households owning stocks. Retail investors have outperformed professionals, beating the S&P 500 by 10 percentage points in 2025, with a focus on momentum plays like artificial intelligence stocks and precious metals.
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