Individual investors poured into the U.S. stock market on Thursday, even with institutional counterparts dumping holdings as President Donald Trump’s tariff rollout rocked markets. Everyday traders bought $4.7 billion worth of U.S. equities on net during the session, according to JPMorgan. That’s the largest daily sum in the past decade, the bank found. They were “de-liberately buying the dip,” JPMorgan’s Emma Wu wrote in a note to clients, alluding to Trump’s “liberation day” title for the unveiling of his controversial tariff plans. The S & P 500 tumbled 4.8% on Thursday, marking its biggest one-day slide since 2020. Markets around the world sold off in the wake of Trump’s trade policies released on Wednesday, as investors grew concerned about the global economic outlook. The sell-off resumed Friday , with the S & P 500 shedding another 4%. Wu said the behavior of retail investors on Thursday stands in “stark contrast” to what was seen during the Covid sell-off in 2020. During that time, mom-and-pop traders mostly dumped stocks when institutional investors did. When individual traders would jump into the market, they had a notable preference for ETFs rather than single stocks. On Thursday, Wu said inflows were “remarkably balanced” between ETFs and individual stocks. In afternoon trading, she noted that buying concentrated on a group of popular names among the retail crowd despite their declines. Nvidia , for instance, captured more than $910 million in inflows, though its stock dove more than 7%. Amazon also drew retail investor interest, seeing more than $400 million worth of inflows despite its shares sliding around 9%. AMZN NVDA 1D mountain NVDA, AMZN 1-say chart Those two examples underscore what Wu described as a continued preference for the “Magnificent Seven,” even as its members cumulatively relinquished more than $1 trillion in market cap during the session. But Wu pointed to Tesla , whose shares retreated more than 5% in Thursday’s session, as the sole exception. The electric vehicle maker’s stock registered close to $400 million in outflows, making it the only Mag 7 name to not see new retail investor dollars on balance. Retail investors, on the other hand, bought into the broad market. S & P 500-focused ETFs tracked by JPMorgan saw around $900 million in inflows. Wu estimates that the average retail investor notched a performance on Thursday that’s about in line with the S & P 500’s loss for the session. The retail trader is now down 12.9% in 2025, while the S & P 500 slid just 8.3% with Thursday’s declines. Get Your Ticket to Pro LIVE Join us at the New York Stock Exchange!|Uncertain markets? Gain an edge with CNBC Pro LIVE , an exclusive, inaugural event at the historic New York Stock Exchange. In today’s dynamic financial landscape, access to expert insights is paramount. As a CNBC Pro subscriber, we invite you to join us for our first exclusive, in-person CNBC Pro LIVE event at the iconic NYSE on Thursday, June 12. Join interactive Pro clinics led by our Pros Carter Worth, Dan Niles, and Dan Ives, with a special edition of Pro Talks with Tom Lee. You’ll also get the opportunity to network with CNBC experts, talent and other Pro subscribers during an exciting cocktail hour on the legendary trading floor. Tickets are limited!
