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Retail traders’ monthly appetite for stocks ascends to fresh record

“The current ‘new year’ momentum has been sustained and has now pushed retail activity to an all-time high on a rolling monthly basis,” according to JPMorgan.

Luke Kawa

With an insatiable appetite for both single stocks and ETFs to kick off 2026, retails traders have bought themselves into the record books.

“Retail investors continue to set new records this year — reaching an impressive $12.9B this week,” JPMorgan strategist Arun Jain wrote. “This level is comparable to last year’s buy-the-dip episodes (post-DeepSeek, March Momentum Unwind and the V-Shape recovery in April); but unlike those prior episodes, which faded quickly, the current ‘new year’ momentum has been sustained and has now pushed retail activity to an all-time high on a rolling monthly basis.”

JPM retail demand

Tuesday, when stocks slumped amid tariff and geopolitical tensions, was the third-largest trading day of the past year for retail, per Jain.

An elevated retail presence has unsurprisingly coincided with a strong start to the year for more volatile pockets of the market.

“Improving macroeconomic conditions, firmer growth expectations, and a shift toward more cyclical outcomes have encouraged investors to take on risk,” wrote Dave Mazza, chief executive officer of Roundhill Investments and portfolio manager of the Roundhill Meme Stock ETF. “As confidence has improved, market leadership has broadened beyond mega-cap growth into higher-beta, volatility-sensitive areas.”

In a January 20 email, he flagged Sandisk, Bloom Energy, and Applied Digital as members of the ETF among the chief beneficiaries from “improving price momentum, elevated trading activity, and sustained retail engagement.”

While the current retail footprint in the market has evoked some comparisons to 2021 (well, by me at least), Cboe’s Henry Schwartz, vice president of derivatives market intelligence, pointed out one sign in the options market that there’s less exuberance than in those heady days: the share of single stocks whose calls trade at a higher implied volatility than puts is well shy of its early 2021 peak.

 Single Stock Skew Inversion

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Spectrum owner Charter Communications is on pace for its worst day ever as broadband numbers and Q1 results disappoint

Cable and broadband company Charter Communications is on pace for its worst-ever trading day on Friday, as investors dump the stock following its Q1 results and forward guidance.

Charter, which owns Spectrum, reported adjusted earnings of $9.17 per share, below Wall Street estimates of $9.96 per share from analysts polled by FactSet. On the company’s earnings call, CFO Jessica Fischer appeared to lower its guidance for full-year revenue per user.

“It’ll be close either way in terms of whether we end up with net growth,” Fischer said.

The company lost 120,000 internet subscribers in the quarter, deeper than the expected 94,800 and double its loss from the same period last year. That news comes one day after Comcast’s earnings provided a bit of optimism for broadband as a category: the company reported Q1 losses of 65,000, significantly improving from 183,000 losses in the same quarter last year. Comcast is down more than 10%, on pace for its worst day since January 2025.

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Nvidia poised to snap longest run without a record close since the AI boom began

The stock price of the company responsible for the brains of the AI boom is finally showing some brawn again.

Nvidia, the world’s most valuable company, is poised to close at a record high for the first time since October 29, 2025, on Friday (if it ends above $207.04).

The AI chip trade is on fire, with the Philadelphia Semiconductor Index slated to deliver its 18th consecutive gain as Intel’s robust results and outlook juice the entire ecosystem. Hyperscalers report earnings next week, and their capex guidance can be thought of as the earnings guidance for Nvidia and other AI suppliers for the quarters to come.

This would end Nvidia’s longest stretch without a record close since the unofficial start of the AI boom (when the chip designer delivered blowout quarterly results in May 2023).

(Sorry if I jinx this!)

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Lilly slips after prescriptions for its weight-loss pill come in below expectations in second week

Eli Lilly fell on Friday after prescription data for its new weight-loss pill, Foundayo, showed that it’s having a significantly slower rollout than its top competitor.

The pill was prescribed about 3,700 times in its second week, according to IQVIA data cited by Deutsche Bank analysts, compared to the roughly 8,000 they were expecting. Novo Nordisk’s Wegovy pill, which came out in January, hit over 18,000 prescriptions in its second week.

The FDA approved Foundayo on April 1 and shipments began on April 9. Deutsche analysts noted that Lilly’s GLP-1 injections, which currently outsell Novo’s, also had a slower start.

Lilly fell more than 4% after the numbers were released. Novo Nordisk rose more than 5%.

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